Betting Guidelines

Last Updated: 25 November 2021

 

  1. Buddy bets
    1. With no templates or fixed markets, it is up to you to create your own bet. Each monetary bet you create is reviewed by us before it is approved and published
    2. 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
    3. There can only be one Challenger and one Opponent to each bet.
    4. All bets placed remain unmatched until they are accepted by an Opponent. Once a Challenger creates their 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.
    5. Minimum and Maximum Monetary Bets: We allow a minimum bet of $5 and a maximum bet of $250.
    6. 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, in advance, notify you of such change.
  2. Bet Rules
    1. When building your bet, there are a few simple rules that we need you to follow.
    2. Monetary bets must have a clear outcome that can be independently verified by a publicly accessible result.
    3. You cannot place a bet on sporting event or contingency that is restricted to players under the age of 18.
    4. All bets should be able to be resulted within 5 days of the betting event’s conclusion.
    5. Your bet must not:
      • be offensive, distasteful, unsavoury or cause affront to normal public standards.
      • involve the death or injury of a person or animal;
      • incite criminal conduct or the inducement of criminal conduct;
      • be a risk of inciting a breach of a sport’s governing body’s rules; or
      • involve ethnicity.
    6. Built into the Create bet feature is an automated language filter, which will block certain bets from being submitted to us for review.
    7. Monetary bets must relate to a betting event which appears on the Northern Territory Racing Commission’s list of “Declared Events or Contingencies to be a Sporting Event”, including Novelty Events.
    8. 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.
    9. A Novelty Event must be able to be settled within 12 months from the time it is created.
  3. Self-Exclusion
    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.
    2. All users that have an active Self-Exclusion notice with Buddybet, will not be visible to other users.
    3. Upon self-exclusion or closure of your account, open bets are cancelled and bet stakes are refunded to your account. All 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.
  4. Create Bet
    1. To create your bet, the following information needs to be completed within the “Create Bet” page:
      • Choose your opponent(s) or create an “Open” bet;
      • Search and select your betting event;
      • Define your bet;
      • Nominate your stake;
      • Select visibility (not applicable to “Open” bet); and
      • Submit your bet.
    2. Once your bet is submitted, it will then move into a pending state, your stake will be credited from your Account balance and we will review your bet for approval.
    3. If your monetary bet does not meet our 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. Once a bet is approved by Buddybet, the Opponent(s) then receives a notification inviting them to accept the bet. After opening the notification, the Opponent(s) will then 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.
    5. The Challenger will receive a notification when a bet has been accepted or rejected by an Opponent. Unaccepted bets will be cancelled once the betting event commences and stake returned to the Challenger.
    6. All accepted bets can be viewed under the “My Bets” section of the App.
  5. Bet Settlement
    1. We provide the ability for both the Challenger and the Opponent to mutually agree on the winner of their bet.
    2. A bet will not be resulted until:
      • One party declares the other party as the winner; or
      • both parties declare the same party as the winner; or
      • In the event (a) or (b) are unsuccessful, when Buddybet declare the winning party.
    3. A bet can be resulted by selecting the relevant bet under the “My Bets” section on the app and selecting the “Declare Winner” option.
    4. If one 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 result is final.
    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
    6. If Buddybet is required to declare the winner of the bet, Buddybet will rely on official results from the relevant governing body.
    7. If the outcome of the bet cannot be verified by the relevant governing body, parties are welcome to forward material from an independent source, which will be utilised by Buddybet, in its sole discretion, for result verification purposes.
    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.
    9. All requests for bet verification will be processed within 48 hours.
    10. Following the conclusion of a bet event, if a bet is not resulted within 3 days, the bet will be flagged for Buddybet to action.
  6. Winnings
    1. Once the winner has been declared, winnings will be paid to their Account balance.
    2. Any winnings will include a deduction to incorporate the platform fee payable to Buddybet.
    3. 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.
    4. If you are incorrectly awarded any winnings as a result of:
      • any human error or mistake; or
      • 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.
  7. Cancellation of unmatched bets
    1. 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 of the app.
    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.