Betting Guidelines

Betting Guidelines

Last Updated: 17 November 2023

1. Buddy Betting

1.1 These Betting Guidelines outline the three (3) types of betting activity available on Buddybet:

(a) Peer-to-Peer Bets (head-to-head) (Peer-to-Peer Bets); and

(b) Jackpot Bets (Jackpot Bets); and

(c) Peer-to-Peer or Jackpot Bets relating to an actual game of golf involving Buddybet participants in the Bet (Golf Bets),

(d) Tipping (Tipping).

collectively, “Bets”.

2. General Betting Rules

2.1. When creating a Bet on our Platform, there are a few simple rules that you must follow.

2.2. Bets must not be placed, made, received or accepted on the outcome of a sporting event or contingency in the course of a sporting event, where that event has already commenced.

2.3. Monetary Bets must have a clear outcome that can be independently verified by a publicly accessible result.

2.4. You cannot place a bet on a sporting event or contingency that is restricted to persons under the age of eighteen (18).

2.5. All bets should be able to be resulted within five (5) days of the betting event’s conclusion.

2.6. Bets must not:

(a) be unclear or ambiguous;

(b) be offensive, distasteful or unsavoury.

(d) incite criminal conduct or the inducement of criminal conduct;

(e) incite or encourage someone to breach a sport governing body’s rules;

(f) prejudice or embarrass, or be likely to prejudice or embarrass a sport governing body or Buddybet; or

(g) involve ethnicity.

2.7 Built into the “Create Bet” feature is an automated language filter, which will block certain bets from being submitted to us for review. For example, bets containing profanities or other obscenities.

2.8 Monetary bets must relate to an event which appears on the Northern Territory Racing Commission’s list of “Declared Events or Contingencies to be a Sporting Event”, including novelty events.

2.9 A Novelty Event allows for the placement of a bet on an outcome of a sporting event or contingency, that is not the subject of a usual or standard betting market. A Novelty Event must be able to be settled within twelve (12) months from the time it is created.

2.10 Minimum and Maximum Monetary Bets: We allow a minimum bet of $5 and a maximum bet of $250.

3. Peer-to-Peer Betting

3.1. With no templates or fixed markets, it is up to you to create your own Peer-to-Peer Bet. Each monetary Peer-to-Peer Bet you create is reviewed by us, before it is approved and published.

3.2. When a Peer-to-Peer 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 Opponent.

3.3. There can only be one Challenger and one Opponent to each Peer-to-Peer Bet.

3.4. All Peer-to-Peer Bets placed by a Challenger remain unmatched until they are accepted by an Opponent. Once a Challenger creates their Peer-to-Peer Bet, the stake amount is debited from their Account balance. You will not be permitted to place a bet or accept a bet that exceeds your Account balance.

3.5. Peer-to-Peer Platform Fee and Payment Structure: Buddybet charges a 5% platform fee from both the Challenger and Opponents’ stakes. Buddybet does not charge its platform fee if the bet is rejected, cancelled or if the result is drawn. Buddybet reserves the right to amend its platform fee amount from time to time and will, notify you of such change, in advance.

4. Creating Peer-to-Peer Bets

4.1. To create your Peer-to-Peer Bet, the following information needs to be completed within the “Create Bet” page:

(a) Choose your opponent or create an “Open” bet;

(b) Search and select your betting event;

(d) Nominate your stake, which will be the fixed stake for the Opponent;

(e) Select visibility (not applicable to “Open” bet); and

(f) Submit your bet.

4.2. Once your Peer-to-Peer Bet is submitted, it will then move into a pending state, your stake will be withdrawn from your Account balance and we will review your bet for approval.

4.3. If your monetary Peer-to-Peer Bet does not meet these Guidelines, the bet will be rejected and your stake will be returned to your Account. There may be instances where your bet will be converted to a handshake (non-monetary bet) with your initial stake returned. In either scenario, you will be notified of your bet status.

4.4. Once a Peer-to-Peer Bet is approved by Buddybet, the Opponent receives a notification inviting them to accept the bet. After opening the notification, the Opponent will have the option to “Accept Bet”. Alternatively, a bet can be accepted by an Opponent via the “Open Bets” page. The Opponent can only accept the bet if they have sufficient funds in their Account balance based on the fixed stake.

4.5. The Challenger will receive a notification when a bet has been accepted or rejected by an Opponent. Bets which are not accepted will be cancelled once the betting event commences and the stake will be returned to the Challenger.

4.6. All accepted bets can be viewed under the “My Bets” section of the App.

5. Peer-to-Peer Bet Settlement

5.1 We provide the ability for both the Challenger and the Opponent to mutually agree on the winner of their Peer-to-Peer Bet.

5.2 A Peer-to-Peer Bet will not be resulted until:

(a) one (1) party declares the other party as the winner; or

(b) both parties declare the same party as the winner; or

5.3 A Peer-to-Peer Bet can be resulted by selecting the relevant bet under the “My Bets” section on the App and selecting the “Declare Winner” option.

5.4 If one (1) party attempts to declare a winner before the outcome of the bet is determined, then the other party can opt to hold off on declaring the winner until the final result is known.

5.5 Once the winner has been declared, any winnings/losses in relation to the bet will be reflected in your Account balance, net of the Buddybet platform fee.

5.6 If Buddybet is required to declare the winner of the bet, Buddybet will rely on official results from the relevant governing body.

5.7 If the outcome of the bet cannot be verified by a relevant governing or independent body, parties may forward material from an independent official source, which will be utilised by Buddybet, in its sole discretion, for result verification purposes.

5.8 Once Buddybet is satisfied that sufficient information is available to determine the final outcome of the bet, the winner will be declared by Buddybet. Alternatively, if insufficient information is available to verify the final outcome of the bet, Buddybet will issue a full refund to both parties.

5.9 All requests for bet verification will be processed within forty-eight (48) hours.

5.10 Following the conclusion of a betting event, if a bet is not resulted within three (3) days, the bet will be flagged for Buddybet to action.

6. Jackpot Betting

6.1 Jackpot Betting allows you to enter into a bet against multiple buddies (other entrants) on the competing contingencies available within our Jackpot Betting markets.

6.2 A Jackpot Bet is only valid if a minimum of three (3) persons enter, with at least two (2) opposing bets or wagers placed, before the time the betting market is closed.

6.3 Individuals are permitted multiple entries to any Jackpot Betting market, including multiple entries on the same contingency.

6.4 If the Jackpot Bet is invalid pursuant to paragraph 6.2 above, all bets will be void and stakes returned to all entrants in full without any platform fee to Buddybet.

6.5 Jackpot Platform Fee and Payment Structure: Buddybet charges a 15% platform fee from the total of all valid Jackpots , which will be equally applied when paying out all winning Jackpot entries. Buddybet will not charge a platform fee if:

(a) none of the entrants to a Jackpot Bet select the winning contingency; or

(b) All entrants to a Jackpot Bet selected the winning contingency/contingencies,

in which case all stakes will be returned in full for all entries.

6.6 Guaranteed Minimum Jackpot Bet:

(a) From time-to-time and at its sole discretion, Buddybet may guarantee the value of a Jackpot Bet pool (“Guaranteed Jackpot Value”), at no additional cost to its customers.

(b) In the event that Buddybet has agreed to a Guaranteed Jackpot Value, and the Guaranteed Jackpot Value is not achieved by means of customer entries alone, Buddybet will pay the winner(s) of the Jackpot Bet:

i. their winnings pursuant to section 6.5 of these Guidelines; and

ii. the difference between the Guaranteed Jackpot Value and the actual Jackpot value, less the applicable platform fee.

For example: If Buddybet agrees to a Guaranteed Jackpot Value of $1,000 for a Jackpot Bet with a $10 entry, one hundred (100) entries will be required to reach the Guaranteed Jackpot Value. If, when the betting market closes, there are a total of sixty (60) entries (totalling $600), Buddybet will pay winner(s) the shared total of the Jackpot Bet value (being $600), less the applicable platform fee, plus the difference between the Jackpot Bet value ($600) and the Guaranteed Jackpot Value ($1,000) being $400, less the applicable platform fee.

7. Create a Jackpot

7.1 To create a Jackpot Bet, the following information needs to be completed within the “Create Jackpot Bet” page:

(a) Select “Open Bet” or “Select Buddies” if you only want selected friends to join;

(b) Search and select your betting event;

(d) Select which contingency option you would like to place your stake on;

(e) Nominate your stake, which will be the fixed stake for all other entrants to the Jackpot Bet; and

(f) Submit and Confirm your Jackpot Bet.

7.2 When an “Open” Jackpot Bet is created, anyone on the Buddybet platform with sufficient funds in their account can enter that Jackpot Bet.

7.3 When you “Select Your Buddies” to join a Jackpot Bet, only those individuals that you invite to join in the Jackpot Bet, and which have sufficient funds in their account, will be able to participate.

7.4 Contingencies will only be available for Jackpot Bet creation if they have been pre-approved by Buddybet and, where applicable, a Sports Governing Body’s rules.

8. Jackpot Settlement

8.1 All Jackpot Bets will be resulted by Buddybet, who will make a final determination as to which is the winning selection(s) from the betting market, based on official results from the relevant governing body or independent body.

8.2 If the outcome of the Jackpot Bet cannot be verified by a relevant governing or independent body, entrants may forward material from an independent official source, which may be utilised by Buddybet, in its sole discretion, for result verification purposes.

8.3 Alternatively, if insufficient information is available to verify the final outcome of the Jackpot Bet, Buddybet will issue a full refund to all entrants.

9. Golf Betting

9.1 Golf Betting allows you to enter into a bet against one or multiple buddies (other entrants) on various golf contingencies available within our Golf Betting markets.

9.2 A Golf Bet is only valid if there is at least one (1) opposing bet or wager placed, before the time the betting market is closed.

9.3 If the Golf Bet is invalid pursuant to paragraph 9.2 above, all bets will be void and stakes returned to all entrants in full, without any platform fee to Buddybet.

9.4 Golf Bet Platform Fee and Payment Structure: Buddybet charges a 5% platform fee on all valid Golf Bet entries.

10. Create a Golf Bet

10.1 To create a Golf Bet, the following information needs to be completed within the “Create Golf Bet” page:

(a) “Select Buddies” to invite selected friends to participate;

(b) Search and select your golf course;

(d) Nominate your stake, which will be the fixed stake for all other entrants to the Golf Bet; and

(e) Submit and Confirm your Jackpot Bet.

10.2 When you “Select Buddies” to join a Golf Bet, only those individuals that you invite to join in the Golf Bet, and which have sufficient funds in their account, will be able to participate.

10.3 Once your monetary Golf Bet is submitted, it will then move into a pending state, your stake will be withdrawn from your Account balance and we will review your Golf Bet for approval.

10.4 If your monetary Golf Bet does not meet these Guidelines, the bet will be rejected and your stake will be returned to your Account. In such a scenario, you will be notified of your bet status.

11. Once a Golf Bet is approved by Buddybet, the Opponent(s) receives a notification inviting them to accept the bet. After opening the notification, the Opponent(s) will have the option to “Accept Bet”. The Opponent(s) can only accept the Golf Bet if they have sufficient funds in their Account balance. Golf Bet Settlement

11.1 Buddybet allows participants to settle their own Golf Bets, but only once the betting event has concluded. In the first instance, the creator of the Golf Bet must declare winner(s), which then must be validated by one (1) other party to the Golf Bet.

11.2 If the Golf Bet creator’s declaration is confirmed by another participant, the Golf Bet will be resulted and winnings reflected in winners’ account balance, net of Buddybet’s platform fee. If a result is

disputed, Buddybet admin will result the Golf Bet on behalf of the parties. In order to result the Golf Bet, Buddybet admin will rely on publicly available information and/or other independent verification, including material provided by bet participants. If Buddybet is unable to verify the result, the Golf Bet will be deemed void and stakes returned to all parties in full.

11.3 If, for whatever reason, the betting event did not commence, the Creator can result the bet “No Winner”. Again, this will need to be validated by at least one other participant to the Golf Bet. Once “No Winner” has been declared and validated, stakes will be returned to all entrants in full.

12. Tipping

12.1 Tipping allows you to compete against the Buddybet network by selecting the highest number of winning teams for an individual round of AFL, NRL or NFL.

12.2 A Tipping Competition is only valid if a minimum of two (2) persons enter, with at least two (2) opposing bets placed, before the time the Tipping competition closes.

12.3 Individuals are permitted multiple entries to any Tipping competition.

12.4 If the Tipping competition is invalid pursuant to paragraph 12.2. above, all bets will be void and stakes returned to all entrants in full, without any platform fee to Buddybet.

12.5 Tipping Platform Fee and Payment Structure: Buddybet charges a 15% platform fee from the total of all valid Tipping Competition entries, which will be equally applied when paying out all winning Tipping Competition entries.

12.6 Guaranteed Minimum Tipping Competition:

(a) From time-to-time and at its sole discretion, Buddybet may guarantee the value of a Tipping Competition (“Guaranteed Tipping Competition”), at no additional cost to its customers.

(b) In the event that Buddybet has agreed to a Guaranteed Tipping Competition, and the Guaranteed Tipping Competition Value is not achieved by means of customer entries alone, Buddybet will pay the winner(s) of the Tipping Competition:

iii. their winnings pursuant to section 12.5 of these Guidelines; and

iv. the difference between the Guaranteed Tipping Competition value and the actual Tipping Competition value, less the applicable platform fee.

For example: If Buddybet agrees to a Guaranteed Tipping Competition of $1,000 with a $10 entry, one hundred (100) entries will be required to reach the value of the Guaranteed Tipping Competition. If, when the betting market closes, there are a total of sixty (60) entries (totalling $600), Buddybet will pay winner(s) the shared total of the Tipping Competition value (being $600), less the applicable platform fee, plus the difference between the Tipping Competition value ($600) and the Guaranteed Tipping Competition value ($1,000) being $400, less the applicable platform fee.

13. Tipping Settlement

13.1 All Tipping Competitions will be resulted by Buddybet, who will make a final determination based on official results from the relevant sporting bodies.

14. Winnings

14.1 Once the winner(s) of a Bet, has been declared, winnings, less the applicable platform fee, will be paid into their Account balance.

14.2 Winnings from Jackpot,Golf and Tipping Bets will be determined by reference to the fixed stake size and the total number of entries, shared between the total number of entries which selected the winning option(s) within the betting market. For Example:

(a) A Jackpot Bet is created with a $10 fixed entry fee.

(b) The available contingencies for you to select from in the betting market are either A, B, C or D.

(c) Assuming each available contingency has ten (10) entrants each, then the total of all Jackpot entries will be $400 (10 x $10 = $100 (Option A) + 10 x $10 = $100 (Option B) + 10 x $10 = $100 (Option C) + 10 x $10 = $100 (Option D)).

(d) When the results to the betting market is known, Buddybet determines that Option D is the winning contingency.

(e) The ten (10) winning entries that selected Option D then equally share the $400, less the platform fee.

14.3 If the winning result of a Jackpot Bet, Golf or Tipping Bet is drawn, winnings will be shared amongst all winners, less the platform fee. All winning entries, regardless of the number of winning entries on each winning selection, will be paid out an equal sum. For example, if there are ten (10) entries to a Jackpot Bet and Option A has three (3) entries and Option B has two (2) entries, and both options A and B are the winning selections, then all Option A and Option B entries will be matched up against the five (5) losing entries and paid out the equivalent of two (2) entries each, less the platform fee.

14.4 Potential winnings for each Jackpot and Tipping Bet are not known until all bets, including the total number of bets placed on each available contingency, is final.

14.5 Requests to withdraw from your Buddybet account will be processed within 1-3 days from the withdrawal request and will be paid directly into your nominated bank account. Please ensure your nominated bank account details are kept current to ensure that the payments are made to the correct bank account. Buddybet may request that you provide confirmation of your identity before these amounts are paid.

14.6 If you are incorrectly awarded any winnings as a result of:

(a) any human error or mistake; or

(b) any bug, defect or error in our software,

then Buddybet will not be liable to pay you any such winnings and such winnings will be deemed void. You agree to refund any such winnings that may have been paid to you as a result of such error or mistake.

15. Cancellation of Bets

13.1 You may cancel any bets which have not yet been accepted (with no platform fee applied) at any time by cancelling the relevant bet under the “My Bets” section of the App.

13.2 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.

16. Additional Settlement Rules

16.1 Buddybet acknowledges that there are certain circumstances which may impact the settlement of bets. Set out below are some simple rules which Buddybet will apply to its settlement process:

17. General Rules:

17.1.1 Venue Changes: A venue change does not mean at Bet will be cancelled or void.

17.1.2 Handicap/Lines: Where the margin/total is a whole number (e.g. 6.0 rather than 5.5 or 6.5), and the result lands on that whole number, stakes will be refunded to both Challenger and Opponent of a Peer to Peer Bet and to all entrants in a Jackpot Bet or Golf Bet.

17.1.3 Start Times: All bets will stand on all betting events which commence within twenty-four (24) hours of the scheduled start time. For the avoidance of doubt, if a betting event is postponed or delayed by twenty-three (23) hours from the scheduled start time, the bet remains valid. If the betting event is delayed by more than twenty-four (24) hours, bets will be cancelled and stake will be refunded to both Challenger and Opponent of a Peer to Peer Bet and to all entrants in a Jackpot Bet or Golf Bet.

17.1.4 Cancelled Events: If an event is cancelled or abandoned then all stakes will be returned to both Challenger and Opponent of a Peer-to-Peer Bet and to all entrants in a Jackpot Bet or Golf Bet. For the purposes of a Tipping Bet, all bets will remain

18. Self-Exclusion

18.1 If you have an active registered Self-Exclusion notice with Buddybet, you will not be able to access your Account for the term nominated in your original Self-Exclusion application.

18.2 All users that have an active Self-Exclusion notice with Buddybet, will not be visible to other users.

18.3 Upon self-exclusion or closure of your Account, open bets are cancelled and bet stakes are refunded to your account. All Peer-to-Peer Bets and Golf Bets that have been accepted by other users will remain active and will be settled following the conclusion of the betting event or if the other user declares you the winner. All Jackpot Bets that have been placed will remain active and will be settled from the conclusion of the betting event

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