Where does my payout come from?
From the payout pool, which holds money set aside only for payouts. Everyone's prices go in, and so does Caslon's own money. If payouts run higher than expected, Caslon's money takes the hit first. We only sell protection the pool can back, and when it's full we stop selling until there's room. In the rare case one event costs more than the pool holds, everyone affected gets the same share of their payout.