Stevie - I disagree with if you time out, you fall into the pond.

Since in this game you are not allowed to take vacation days, weekends, etc..... having it default to take your previous guess is a good option. Otherwise you will have a round start on Friday night after someone leave for the weekend - 2 days pass to Sunday night, round is over - Monday morning, the person is back and finds out they missed a whole round.

So I think it is a good rule to use previous bet.