> ## Documentation Index
> Fetch the complete documentation index at: https://docs.into.space/llms.txt
> Use this file to discover all available pages before exploring further.

# Multi-Outcome Markets

> Share conversion across related outcomes

For markets with multiple possible outcomes (e.g. *"Which country wins the World Cup?"*), all NO shares are the same [SPL token](/architecture/spl-structure) across outcomes.

## Share Conversion

<div align="center">
  ```mermaid theme={null}
  graph TD
      A[Hold 1,000 NO shares for Brazil] --> B[Convert]
      B --> C[Now hold 1,000 YES shares for Argentina]
  ```
</div>

No additional capital required. You're just shifting your position across related outcomes within the same market.

## How It Works

In a multi-outcome market:

* Each outcome has YES and NO shares
* All NO shares across outcomes are identical SPL tokens
* Converting NO(Brazil) to YES(Argentina) = metadata update

Example:

* Market: "Which country wins the World Cup?"
* Brazil (YES/NO)
* Argentina (YES/NO)
* France (YES/NO)
* Germany (YES/NO) You hold 1,000 NO shares for Brazil. This means you believe Brazil won't win-someone else will. To convert to Argentina:

<Steps>
  <Step title="Burn 1,000 NO (Brazil)" titleSize="h3" />

  <Step title="Mint 1,000 YES (Argentina)" titleSize="h3" />

  <Step title="Zero additional capital" titleSize="h3" />
</Steps>

Hedging Across Outcomes You can split risk:

* 500 NO (Brazil) → 500 YES (Argentina)
* 500 NO (Brazil) → 500 YES (France)

Cover multiple outcomes without locking more capital.