Betting – General Guidelines and Conditions
Last Updated: 9 March 2022
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
2. 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
3. When a bet is placed, the User who creates and offers the bet, is known as the Challengerand the User who accepts the bet is known as the
4. There can only be one Challenger and one Opponent in relation to each bet.
5. All bets will remain unmatched until accepted by an Opponent.
6. There are 3 Bet types on offer by Buddybet
7. Cash – This will involve the Challenger setting the stake at bet creation. The funds will be transferred to the winner at the conclusion of the bet. The result must be clear and be able to be independently verified with a result that is publicly accessible.
8. Handshake – This is a non-monetary wager between the challenger and opponent. This will be resulted by the participants. Buddybet will not be held liable for any monetary component listed in a handshake bet. Nor will Buddybet be accountable for any monetary transaction completed outside of the Buddybet platform.
9. Please note: Any jurisdiction that prohibits gambling will be declined by Buddybet and a notification will be sent to the creator of the bet including the following jurisdictions:
- Afghanistan
- ISIL and Al-Qaida
- Belarus
- Bosnia and Herzegovina
- Burma/Myanmar
- Burundi
- Central African Republic
- Crimea and Sevastopol
- Democratic Republic of the Congo
- Egypt
- Eritrea
- Federal Republic of Yugoslavia & Serbia
- Iran
- Iraq
- Ivory Coast
- Lebanon
- Libya
- Maldives
- Mali
- North Korea (Democratic People’s Republic of Korea)
- Republic of Guinea
- Republic of Guinea-Bissau
- Republic of Moldova
- Russia
- Somalia
- South Sudan
- Sudan
- Syria
- Tunisia
- Ukraine
- Yemen
- Venezuela
- Zimbabwe
10. Minimum and Maximum Bets:minimum bet that can be staked is €5 and the maximum bet limit is set at €1000. Before creating or accepting a bet, you will need to ensure that your Buddybet Account has a sufficient 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.
Note: if you have a Pre-commitment limit activated which is lower than €1000 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
11. 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.
12. Wagers cannot be placed on a sporting event that is restricted to players under the age of 18.
13. Betting events must have a clear outcome and if required can be independently verified with a result that is publicly accessible.
14. If necessary, be able to result a betting event within 5 days of the conclusion of the event.
15. 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.
16. If either party has an active registered Self-Exclusion notice with Buddybet then you will not 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 will not appear in the list. Alternatively, if you have previously allowed someone as a Follower and they have since registered a Self-Exclusion then they will not appear in the app any longer.
17. 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.
Build a Bet
1. 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
2. Below are the criteria that user bet requests will be required to meet to have a bet approved:
3. To Build a Bet, the following sections need to be filled out on the mobile app before your bet can be confirmed:
a. Name your bet
b. Select Friend/Opponents
c. Describe your bet
d. Bet Amount
4. 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.
5. The bet created must be word specific and include terms such as Win Draw Lose Over Under Miss Make.
6. In the event of a draw where only Win was listed by the Challenger, the opponent will be declared the winner as no draw option was listed at bet creation.
7. 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.
8. The bet will move into a pending state while being reviewed.
9. If the bet type does not meet our guidelines, the bet will be rejected with comments.
10. If a Build a Bet is rejected, the Challenger will need to create a new bet request for consideration for approval by Buddybet.
11. 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.
12. 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.
Bet Settlement
1. We provide the ability for both the Challenger and the Opponent who accepts the bet to mutually agree on a winner.
2. A bet will not be finalised until both parties agree on a winner or a Buddybet Representative has ruled on the outcome of the bet.
3. 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.
4. 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.
5. Once the winner has been confirmed any winnings/losses in relation to the bet will be reflected in your Buddybet wallet in the app.
6. 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.
7. 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.
8. Once Buddybet is satisfied that sufficient information is available to determine with 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.
9. All requests for bet verification will be processed within 48 hours.
10. If 5 days has lapsed on a matched bet without a chosen winner, then the bet will be flagged for Buddybet to action.
11. Buddybet may amongst other things request either party to provide a link to the final result.
12. If insufficient information is available in the public domain from an official source, the initial bet amount placed by both parties will be refunded.
Winnings
1. 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.
2. You will be able to view your total winnings balance under the “My Balance” section in the Buddybet app.
3. Any winnings will include a deduction to incorporate the commission payable to Buddybet.
4. 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
Cancellation of an offer for a bet
1. You may cancel unmatchedbets (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.
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.
