Terms and conditions:

1. Stakes

1. Minimum

The minimum stake for a bet is £1.00

2. Maximum

The maximum stake for a bet is £10.00

2. Payments & Returns

1. Payment

Payment for accepted bets should be made at the first WHV event at which the professor is present. Failure to do so may result in revocation of membership.

2. Returns

Returns will be paid on conclusion of event, unless one of the following conditions are met – in which event it will be the next available opportunity.

1. The Professor has lost the betting funds
2. The Professor is not in attendance
3. Insufficient payments have been honoured to fund the return
4. A pending board enquiry decision may affect result

3. Bet Types

Published Bets will be of the following format:

1. Win
A win bet returns the odds accepted by the Professor

2. Place
A place bet returns the following odds.

• OOM betting is treated as 16+

3. Novelty bets
Novelty bets will be proposed solely by the Professor.

4. Member proposed bets
Members can propose bets to the professor, who will decide

1. Whether to offer them.
2. At what odds

4. Restrictions on Multiple Bets

1. Bets must be unique per member
Each member can only lay one bet of the same type and result, irrespective of whether they have not used their full £10 allowance, or if the published odds have changed.

2. Each Way is 2 unique bets
An each way (E/W) bet is considered to be one win bet and one place bet for the purposes of multiple bet restrictions. The £10 allowance is consumed by a £5 E/W bet.

3. Other bets are only offered once
Unless the Professor agrees otherwise, novelty and member proposed bets will only be accepted once on a first-come-first-served basis, meaning other members can not lay a bet of the same type and result.

5. Laying & Acceptance of Bets

5.1. General

The professor reserves the right to decline any bet before it is accepted.
The professor may elect to impose specific conditions that – if activated – vary the return, and will endeavour to communicate these before accepting bets.

5.2. WHVGS Web site

The WHVGS website is the only official route to PEDRO Power.
Win and place bets quoting listed odds will be accepted, unless

• It is in breach of these terms and conditions.
• Another member has placed the same bet, and it is awaiting acceptance.
• The odds have not been updated since a competition has finished (OOM).

5.3. Alternative Betting Avenues

All bets outside of days of WHVGS events must be laid via the website.
Bets will be accepted in person on the day of events, but as a matter of policy to enforce the web-site usage all odds will be brought in a point.

6. PEDRO Power WHVGS investment Model

6.1. Ledger

The professor maintains the annual ledger which will be published at the OGM.

6.2. Annual Losses

The professor will personally underwrite annual losses to ensure the balance for next year is at least nil.

6.3. Annual Profits And Adjustments

Should the ledger be in profit, adjustment to the baseline applies:

The first £20 annual profit is carried over to the next year’s balance.

Should the annual profit exceed £20, the excess is apportioned as follows:

• 50% – carried over to next year’s balance
• 8% – paid to the professor as bookmakers fees
• 2% – paid to Simon for maintaining on-line odds and betting system
• 40% – paid to the WHVGS for the express purpose of acquiring items of clothing, golf accessories or other physical trophies for achievements and forfeits. Said items remain the property of the WHVGS who will dictate the terms of temporary ownership (q.v. “The Hulk”).