It's not that clear to me, too.
Let's assume a 9 hole Skin game between 3 players, wager set to 20 crs per hole.
From the FAQ:
- SKINS CHALLENGE AMOUNT refers to the credit value of the Skin Value per Hole that each player anted initially multiplied by the number of holes in the game.
Each player will be anted 9x20 = 180 crs.
- SKINS CHALLENGE FEE refers to the amount that WGT is charging to play that game.
Each player will have to pay 30 crs fee.
- SKINS CHALLENGE REFUND refers to the sum value of each unclaimed skin at the end of the game.
For every skin unclaimed, every player would get back 20 crs. Let's assume there is none in this example.
- SKINS CHALLENGE WIN refers to the sum value of all skins won by you that is credited to your account.
I assume that players get every participant's stake for each Skin they win.
Say A wins 4, B wins 3 and C wins 2.
A's balance:
240 wins (4x60)
-180 ante
-30 fee
----------
30 crs win
B's balance:
180 wins (3x60)
-180 ante
-30 fee
----------
30 crs loss
C's balance: only 120 crs win, same expenses: 90 crs loss
The overall balance is -90 which is the combined rake of the game.
In general, when a player wins his ante, he still loses the rake. Regardless of the numbers of players and the stake, he must at least win more individual wagers than his ante for a positive balance:
With two players, 5 holes x 2 = 10 wagers (*)
Three players, 4 holes x 3 = 12,
four players, 3 holes x 4 = 12.
The unclaimed holes have a wee positive effect, of course much weaker than a hole won.
(*) With two players, the lever of winnings is rather weak, thus 5 holes may not be sufficient when the wager is less than the fee. This is worst for 10 crs wagers (300% ratio).