Betting – General Guidelines and Conditions

  1. Placing bets with Buddybet
    • You understand and accept that you may only use our Platform if you:
      • have a verified and approved active Account with us;
      • are 18 years of age or older; and
      • meet and comply with all other relevant terms set out in the Buddybet Customer Terms.
    • If we are unable to verify your identity upon registration for an Account, we are unable to open your account, until we have verified your identity. As such, you will not be able to deposit funds.
    • When a bet is placed, the User who creates and offers the bet, is known as the Challenger and the User who accepts the bet is known as the
    • There can only be one Challenger and one Opponent in relation to each bet.
    • All bets will remain unmatched until accepted by an Opponent.
    • On our Platform you can set and offer a Templated Options or Build a Bet.
    • Minimum and Maximum Bets: We allow a minimum bet limit is $5 and the maximum limit is $250. Before creating or accepting a bet using our Platform, you will need to ensure that your Buddybet Account has a sufficient fund balance to cover the full amount of the bet. You will not be permitted to place a bet that exceeds the balance in your Account. Details of your account balance can be found in “My Balance” on our Platform. You will be prevented from placing a bet which exceeds the maximum of $250. Note: if you have a Pre-commitment limit activated which is lower than $250 then the maximum bet you may place will be lower, and you will be limited to the pre-commitment limit you have selected – see Pre-Commitment Limits section of our Responsible Gambling Statement.
    • Commission and payment structure: We charge a 5% commission with each matched bet. Buddybet reserves the right to amend the amount from time to time.
    • Wagers cannot be placed on sporting events that is restricted to players under the age of 18.
    • Betting events must have a clear outcome and if required can be independently verified with a final result that is publicly accessible.
    • If necessary, be able to result a betting event within 5 days of the conclusion of the event.
    • A market or betting event must not be offensive, distasteful or unsavoury. An auto language filter will be activated when the bet is submitted and will prevent the user from submitting a bet.
    • Betting events must appear on the Northern Territory Racing Commission’s list of “Declared Events or Contingencies to be Sporting Event”.
    • If either party has an active registered Self-Exclusion notice with Buddybet then you won’t be able to place a bet with Buddybet for the term nominated in the original Self-Exclusion application. If you attempt to search for a “Follower” who has registered a Self-Exclusion, then they won’t appear in the list. Alternatively, if you’ve previously allowed someone as a Follower and they’ve since registered a Self-Exclusion then they will not appear in the app any longer.
    • Buddybet has implemented an algorithm which will rate users on how they adhere with the procedural requirements for choosing a winner of a bet. Users will be able to view the ratings of other users on the Profile Page.
  2. Templated Options
    • Users will be presented with an opportunity to select from a list of templated bets that Buddybet may have available.
    • Users have the opportunity to create a bet from inbuilt templates that incorporate dynamic statements. Totally completing a statement using wording supplied by the template will ensure the bet is able to be automatically approved.
      • Templated bets, if completed in accordance with these rules, are automatically approved by Buddybet.
      • An example of how to complete Templated Option is as follows:

Statement template: Player X will have more than X amount of points during the game

Final bet statement: Kyrie Irving will have more than 20 points during the Brooklyn Nets vs Boston Celtics

The table below shows the various choice options available for a template bet:

Section Number Template Section Type Sample values
1* Player Dynamic: Person Kyrie Irving
2 will List of Values

●      Will

●      Will not

3 have List of Values

●      Have

●      Not have

4 more than List of Values

●      Exactly

●      More than

●      Less than

5 X Dynamic: Amount

20

●      Define min/max values for this field

6 points List of Values

●      Points

●      Goals

7 during List of Values

●      During

●      During the first half of

8 the Text the
9 game Dynamic: Event

Brooklyn Nets @ Boston Celtics

●      List of games in order of date/time for the league this player is associated with

 

  • After you have selected a templated option you will then be required to select an invitational method for your Opponent:
  • Follower: place a bet against a friend by picking someone that is “Following” you. This option triggers an invitation from the Challenger to a specific follower; or
  • All Followers: share your bet with all your Followers. Your followers will see your bet in their feed and will be able to accept your invitation.
  • Open Bet: picking this option offers it to all Users utilising our Platforms. Noting that this option is only available if your profile is on public.
    • The Challenger will be required to select a bet amount between $5 – $250.
    • Templated Options will state “Start of Event” details. If a Templated Option has not been totally completed or wording has been changed, the bet then becomes a Build a Bet.
    • As the Challenger, you will be able to set the bet by selecting “Confirm Bet” (provided the Challenger has sufficient funds in their Account as per clause 1.4 above).
    • The Opponent will receive a notification inviting them to a bet (if the Challenger selected invitational method 2.4(a) above). After opening the notification, you will have the option to “Accept Bet”.
    • The other method for an Opponent to accept a bet is via the “Open Bet” option in the app and accepting the selected bet.
    • The Challenger will receive a confirmation notification when the bet has been accepted by an Opponent and will also indicate the name of the Opponent. All accepted bets can also be viewed under the “My Bets” section of the app.
    • If a Templated Option is not accepted by an Opponent by the “Start of Event” date and time then the bet will be cancelled and removed from the Buddybet platform.
  1. Build a Bet
    • Alternatively, if a template statement is not totally completed by the wording supplied for the template, or a template is not available for a specific challenge, the Challenger can Build a Bet.
    • Build a Bets will be reviewed by Buddybet to ensure all guidelines and legal and regulatory obligations have been met prior to approval of the bet.
    • Below are the criteria that user bet requests will be required to meet in order to be approved:
      • To Build a Bet, the following sections need to be filled out on the mobile app before your bet can be confirmed:
        • Name your bet
        • Describe your bet
        • Bet Amount
        • Start of Event
      • Buddybet has a built-in Word-ban list which will scan the bet for any distasteful, offensive and unsavoury content which is unacceptable based on normal public standards. The Challenger will be prompted to rectify these prior to being able to submit the bet.
      • In Build a Bet, the Challenger will also be required to complete “Start of Event” details which requires a date and time. You will not be able to input a date and time greater than 12 months from the date and time that the bet is created.
      • The Start of Event must be in accordance with any sporting fixtures or the time the contingency will take place. If the Start of Event is post the start time of any sporting fixture, Buddybet will reject such bet.
      • After completing the relevant information for your bet, you, as the Challenger, will be able to place the bet request by selecting “Confirm Bet”, provided the Challenger has sufficient funds in their account balance.
      • The bet will move into a pending state while being reviewed.
      • If the bet type does not meet our guidelines, the bet will be rejected with comments.
      • If a Build a Bet is rejected, the Challenger will need to create a new bet request for consideration for approval by Buddybet.
      • The Opponent will receive a notification inviting them to a bet (if the Challenger selected invitational method 2.2(a) above). After opening the notification, you will have the option to “Accept Bet”. The other method for an Opponent to accept a bet is via the “Open Bets” option in the app and accepting a selected bet.
      • The Challenger will receive a confirmation notification when the bet has been accepted by an Opponent and will also indicate the name of the Opponent. All accepted bets can also be viewed under the “My Bets” section.
  1. Bet Settlement
    • We provide the ability for both the Challenger and the Opponent who accepts the bet to mutually agree on a winner.
    • A bet will not be finalised until both parties agree on a winner or a Buddybet Customer Service Representative has ruled on the outcome of the bet.
    • Once the outcome of the bet has occurred, the bet can be finalised (by Challenger or Opponent) by selecting the relevant bet under the “My Bets” section on the app and selecting the “Choose Winner” option.
    • If one party attempts to choose a winner before the outcome of the bet is determined, then the other party might opt to hold off on confirmation of the winner until the result is clear.
    • Once the winner has been confirmed any winnings/losses in relation to the bet will be reflected in your Buddybet wallet in the app.
    • Furthermore, if a dispute arises with regards to the final outcome of a betting event then both parties will be provided with an option to change their chosen winner or to request the outcome be verified by Buddybet.
    • The latter provides the user with an option to forward a website link of an independent source which will be utilised by Buddybet for verification purposes.
    • Once Buddybet is satisfied that sufficient information is available to determine with final outcome of the bet then the winner will be chosen by Buddybet. Alternatively, if insufficient information is available to verify the final outcome of the bet, then Buddybet will issue a full refund to both parties.
    • All requests for verification will be processed within 48 hours.
    • If 5 days has lapsed on a matched bet without a chosen winner, then the bet will be flagged for Buddybet to action.
    • Buddybet may amongst other things request either party to provide a link to the final result.
    • If insufficient information is available in the public domain from an official source, the initial bet amount placed by both parties will be refunded.
  1. Winnings
    • Once the winner has been confirmed, winnings will be paid to the balance of the Buddybet account of the selected winner and deducted from the account balance of the losing party.
    • You will be able to view your total winnings balance under the “My Balance” section in the Buddybet app.
    • Any winnings will include a deduction to incorporate the commission payable to Buddybet.
    • Requests to withdraw winnings amounts from your Buddybet wallet will be processed within 24 hours from the withdrawal request being made and will be paid directly into the nominated bank account details inputted by you as the chosen withdrawal method under the “My Account” section in the Buddybet app. Please ensure your nominated bank account details are kept current to ensure that the payments are made to the correct account. Buddybet may request that you provide confirmation of your identity before these amounts are paid.
  1. Cancellation of an offer for a bet
    • You may cancel unmatched bets (with no fees applied) at any time by searching for the specific bet you would like to cancel under the “My Bets” section in the mobile app provided the bet hasn’t been accepted by an Opponent.
    • Once a bet has been accepted by an Opponent it cannot be edited. This means that neither the Challenger nor the Opponent will be able to cancel the bet once it has been accepted by the Opponent.