3. Core Participants

Cerbero is a two-sided market structure. Operators create demand for external payout capacity. Capacity providers and market participants supply capital, pricing and liquidity around that demand. The system only works if each participant has a clearly defined role and obligation boundary.

Operators

Operators use Cerbero to access external payout capacity for approved covered slot portfolios. Their objective is not to outsource every element of payout risk, but to reduce exclusive reliance on internally allocated buffer capital. By turning part of payout capacity into an external facility, an operator may preserve more internal capital for growth, marketing, retention or portfolio expansion.

Operator obligations are defined by the approved facility. They include the reporting requirements, fee methodology, portfolio restrictions, multiplier limits and recovery rules applicable to the covered portfolio. Cerbero should not create open-ended operator obligations beyond this facility framework.

Capacity providers

Capacity providers supply capital exposure to the real operator layer through structured payout capacity facilities. Their return is linked to capacity fee generation and facility performance, while their risk is linked to buffer impairment, utilization conditions and recovery behavior.

Capacity providers are not buying operator equity and do not own operator treasury balances. They are taking defined exposure to the economics of a payout capacity facility.

Market participants

Market participants trade the market layer built around facility reference metrics. They may buy or sell Payout Capacity Notes, price discount or premium to reference value, trade recovery expectations, or use synthetic instruments to express views on buffer health and expected carry.

The key distinction is that market participants can create trading depth around iGaming risk flows without changing the real obligations of the operator. Their risk is governed by the instruments they trade and the collateral rules of the market layer.