Tournament Participation, Marketplace & RGP Coin Transaction

Last Updated: 06/03/2025

This section of the Terms & Conditions outlines the rules for tournament participation, prize distribution, the Racing Gym Marketplace for buying/selling RGP Coins, and the Racing Gym Wallet System for withdrawals. By participating in tournaments or using the marketplace, users agree to these terms.

1. Tournament Rules & Prize Distribution

1.1 Tournament Participation

  • Racing Gym tournaments are skill-based competitions, where winners are determined by player performance, not chance.
  • Players enter tournaments using IC Coins, which are distributed monthly by Racing Gym or earned through gameplay.
  • IC Coins cannot be purchased, traded, or withdrawn; they are only used for tournament and practice game participation.
  • If a user runs out of IC Coins and wants to continue playing, they must acquire RGP Coins from other users in the Racing Gym Marketplace.

1.2 Tournament Entry Fees & Prize Distribution

  • Racing Gym operates on a Fixed Prize Model to ensure fair play and legal compliance.
  • The total prize pool is pre-determined and does not fluctuate based on the number of players in the tournament.
  • A portion of entry fees is allocated for tournament management costs, ensuring the sustainability of Racing Gym events.

Example Tournament Prize Breakdown

  • Entry Fee per Player: 100 IC Coins
  • Total Players: 21
  • Total Entry Fees Collected: 2,100 IC Coins
  • Total Prize Pool: 1,500 IC Coins (pre-set)
  • Management Fee: 600 IC Coins (retained by Racing Gym for platform operations)

Fixed Prize Distribution

  • 1st Place: 40% of 1,500 = 600 IC Coins
  • 2nd Place: 30% of 1,500 = 450 IC Coins
  • 3rd Place: 20% of 1,500 = 300 IC Coins
  • 4th Place: 10% of 1,500 = 150 IC Coins

2. Selling & Withdrawing RGP Coins

2.1 Selling RGP Coins via the Marketplace (No Fee)

  • Users may list RGP Coins for sale on the Racing Gym Marketplace, provided they meet the minimum listing requirement of £30 worth of RGP Coins.
  • Racing Gym does not charge a transaction fee for sales conducted via the marketplace; however, Stripe’s standard transaction fees may apply.
  • Buyers may purchase RGP Coins using Stripe-supported payment methods, including bank cards and PayPal.
  • Upon successful purchase, the seller will receive the payment directly to their Stripe account after standard processing times.

2.2 Withdrawing RGP Coins via Racing Gym (20% Fee)

  • Users who prefer to withdraw RGP Coins directly, rather than selling them via the marketplace, may request a withdrawal.
  • A minimum withdrawal amount of £30 applies, and a 20% transaction fee will be deducted from the withdrawal amount.
  • Withdrawals are processed on a weekly or monthly basis, subject to Racing Gym's payment schedule.
  • Funds will be transferred to the user's Stripe account following completion of all security and compliance checks.

3. Marketplace Rules & Verification Requirements

3.1 Seller Verification

  • To activate a seller account and list RGP Coins for sale, users must:
    • Complete identity verification (KYC) using government-issued identification.
    • Verify their Stripe account before making any sales.
    • Agree to the Racing Gym Marketplace Terms.

3.2 Buyer Verification for Large Purchases

  • Buyers who purchase more than £100 worth of RGP Coins must:
    • Complete identity verification (KYC) before completing the purchase.
    • Ensure that their payment method (bank card or PayPal) is valid and authorized.
    • Comply with Racing Gym’s fraud detection and transaction monitoring policies.

4. How the Marketplace Works

  • Users who win RGP Coins through tournaments may list their RGP Coins for sale in the Racing Gym Marketplace, provided they meet the minimum listing amount of £30.
  • Buyers may purchase RGP Coins using Stripe-supported payment methods.
  • Upon successful transaction, RGP Coins will be transferred to the buyer’s account, and the seller will receive funds directly into their Stripe account.
  • Racing Gym does not facilitate external transactions or peer-to-peer exchanges outside of the marketplace. Any attempt to conduct sales outside of Racing Gym’s platform may result in account suspension.

5. Engagement Rewards & VIP Benefits

5.1 Weekly High-Stakes Tournaments

  • Racing Gym may host special high-stakes tournaments with larger prize pools to allow users to earn RGP Coins more efficiently.
  • Certain tournaments may feature guaranteed prize pools funded by Racing Gym, providing additional earning opportunities.

6. Fair Play & Compliance

  • Racing Gym operates as a skill-based competition platform and does not facilitate gambling or games of chance.
  • Only verified sellers are permitted to list RGP Coins for sale within the Racing Gym Marketplace.
  • All marketplace transactions must be conducted within Racing Gym’s platform and processed via Stripe.
  • External trading is strictly prohibited.