# Backt Risk Disclosures **Must be displayed prominently on every capper profile and before Live/Notify activation.** --- ## IMPORTANT RISK DISCLOSURES — READ BEFORE USING LIVE OR NOTIFY MODES ### You can lose money. You can lose all of it. Every trade on Kalshi carries risk of total loss. A pick's historical performance does not guarantee future results. No capper, no algorithm, and no leaderboard position can predict whether a specific trade will win or lose. ### Past performance does not guarantee future results. Every ROI figure, win rate, Backt Score, and unit return shown on Backt is historical. Past numbers describe what happened; they do not predict what will happen. Cappers with strong historical records routinely experience losing streaks. Do not infer future performance from past performance. ### Backt does not guarantee capper accuracy. Cappers are independent third parties whose picks are published to subscribers. Backt records, grades, and (where authorized) executes their picks faithfully — but Backt does not vet, endorse, or guarantee any capper's selections. A capper's picks can be wrong, and can be wrong often. ### Auto mode places real money at real risk. When you enable Auto mode for a capper, Backt will automatically place Kalshi orders in response to that capper's picks — up to your pre-configured dollar-per-unit amount and daily cap. These are real trades with real money on a real exchange. They can lose. ### Notify mode still carries risk. When you enable Notify mode, Backt sends you a Kalshi deep-link per capper pick. If you click through and place the order, the risk is the same as Auto mode. The click-through is a convenience, not a risk reduction. ### Kalshi is not a sportsbook. Kalshi is a CFTC-regulated commodity exchange. Kalshi's contracts settle based on real-world event outcomes. Pricing, liquidity, and order execution on Kalshi can differ from sportsbooks. A pick that would have won at a sportsbook's line may not win at Kalshi's available line. ### State eligibility varies. Kalshi's sports markets are not available in all US states. Backt geo-gates Auto and Notify modes to match Kalshi's availability. If you use the Service from an unsupported state, you may see picks but cannot execute them. ### Responsible participation. If you find yourself betting more than you can afford to lose, betting to recover losses, or unable to stop — help is available: - **National Problem Gambling Helpline:** 1-800-GAMBLER (1-800-522-4700) - **Online chat:** [ncpgambling.org/chat](https://www.ncpgambling.org/chat) Set daily caps. Set per-pick caps. Turn off Auto mode if you're tilting. Backt's infrastructure will enforce your caps, but the decision to follow a capper is yours. ### No tax advice. Kalshi will send you a 1099-B for your trading activity. Backt may send you information on your subscription payments (relevant for capper tax reporting). Neither is tax advice. Consult a qualified tax professional. ### No investment advice. Backt does not provide investment advice and is not a registered investment adviser. Cappers publish picks; you decide whether to follow. Backt provides execution convenience for users who have elected to trade on Kalshi and authorized Backt to do so on their behalf. --- ## Short-form disclosures for UI surfaces **Before Live activation (checkbox required):** > I understand that Backt will place real money Kalshi orders on my behalf in response to picks from cappers I select. I understand that these orders can lose money and that past performance does not guarantee future results. I am 18 or older and legally eligible to trade on Kalshi in my state. **Above every capper's historical record:** > Historical performance only. Past results do not guarantee future returns. You can lose money. **In the Follow modal, Live mode card:** > Backt will auto-execute on your Kalshi account at the dollar amount and cap you set. You can stop at any time. Real money at real risk.