> For the complete documentation index, see [llms.txt](https://paradox-3.gitbook.io/paradox/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://paradox-3.gitbook.io/paradox/team-tokens.md).

# Team Tokens

Each team/player in an event has a Team Token. Team Tokens are ERC1155 tokens that are minted as each bet is made. A user has to pay a gas fee to make each bet. Separate from the gas fee, there is a \~1% fee for each bet. In practice, bettors receive 1 Team Token for every 1.01 unit (USDT or Roots) bet. [All of this 1% USDT fee is distributed to people who bet before you. **No rent is extracted by the protocol**](/paradox/fee-distribution.md)**.** 

Team Tokens cannot be redeemed for units that were bet before the event ends. When an event starts, each Team Token has a finalized odds. This depends on how many units were bet on one team versus all the other teams. ([For more info, See Parimutuel Wagering.](/paradox/parimutuel-wagering.md))

If at the event start, 500 units were bet on Team A, 1000 units on Team B, and 2000 units on Team C: At the end of the event:

* If Team A wins: 1 Team A Token could be redeemed for 7 USDT (500/3500) (+600 odds);
* If Team B wins: 1 Team B Token could be redeemed for 3.5 USDT (1000/3500) (+250 odds); and
* If Team  wins: 1 Team C Token could be redeemed for 1.75 USDT (2000/3500) (-133 odds).

Team Tokens can be bought and sold during the event on a secondary market. When the event concludes whoever is holding the Team Token will be able to redeem it.