The term 'railbird' is slang for a horseracing enthusiast who watches races from the railings along the track. Railbird users, who pay similarly close attention to their sports of choice, can freely trade their favorite players and teams (or least favorite players and teams).

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Railbird intends to offers team shares that users can trade, the values of which are pegged to the number of games each team is expected to win in a given season. For each team share you own, you will receive an end-of-season payout determined by the team’s total wins over the season.

The market of Railbird users! During the course of the season, the price of each share is determined by supply and demand: i.e., by users’ expectations of team performance.

During the course of the season, the share prices will fluctuate based on supply and demand, much like stock prices. The prices you see are market-determined; they reflect the aggregate of the prices at which buyers and sellers have transacted.

Yes, but they’re low. For each trade, the cost is either 2% or $0.05 (whichever is higher). The fees are borne by the taker (the party who accepts the trade), while the maker (the party that initiates the trade) transacts for free. Let’s say Alice submits a ‘sell’ order for 10 shares of the New York Knicks at $2.00 each at 1:00 pm, and Bob submits a ‘buy’ order for the same shares at the same price at 1:01 pm. Alice pays no fees, and Bob pays only $0.40 (2% of $20.00).

Absolutely! The great thing about Railbird is that you can get in and out of your positions, as long as someone else on the platform is willing to take the other side of your bet. You can still hold your positions until the end of the season to receive the final payout, but you can always sell out of them beforehand to cash out at the current market price.