Betting Guidelines

Betting Guidelines

Last Updated: 18 October 2023

1. Buddy Betting

1.1 These Betting Guidelines outline the two (2) 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).

2. Platform Fee:

2.1 Buddybet does not charge a platform fee, commission or any other rake in relation to Peer-to-Peer Bets or Jackpot Bets laid on the platform in Colorado, United States of America.

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

4. Peer-to-Peer Betting Rules

4.1 When creating your Peer-to-Peer Bet, there are a few simple rules that you need you to follow.

4.2 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.

4.3 Monetary Peer-to-Peer Bets must have a clear outcome that can be independently verified by a publicly accessible result.

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

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

4.6 Bets must not:

(a) be unclear or ambiguous;

(b) be offensive, distasteful or unsavoury.

(c) involve the death or injury of a person or animal;

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

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

(f) involve ethnicity.

5. Creating Peer-to-Peer Bets

5.1 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;

(c) Define your bet;

(d) Nominate your stake;

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

(f) Submit your bet.

5.2 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.

5.3 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.

5.4 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.

5.5 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.

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

6. Peer-to-Peer Bet Settlement

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

6.2 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

(c) in the event (a) or (b) are unsuccessful, when Buddybet declare the winning party.

6.3 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.

6.4 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.

6.5 Once the winner has been declared, any winnings/losses in relation to the bet will be reflected in your Account balance.

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

6.7 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.

6.8 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.

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

6.10 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.

7. Jackpot Betting

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

7.2 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.

7.3 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.

7.4 Minimum and Maximum Jackpot Entry: The creator of the Jackpot Bet must set a fixed fee for all individual Jackpot Bet entries between $5 and $250. Individuals are permitted multiple entries to any Jackpot Betting market, including multiple entries on the same contingency.

7.5 Guaranteed Minimum Jackpot Bet:

(a) From time-to-time and at its sole discretion, Buddybet may top-up a Jackpot Bet pool in order to guarantee a minimum Jackpot Bet value (“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 these Guidelines; and

ii. the difference between the Guaranteed Jackpot Value and the actual Jackpot value.

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), plus the difference between the Jackpot Bet value ($600) and the Guaranteed Jackpot Value ($1,000) being $400.           

8. Create a Jackpot

8.1 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;

(c) Select your betting market, from the available options within your selected 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.

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

8.3 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.

8.4 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.

9. Jackpot Settlement

9.1 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.

9.2 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.

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

10. Winning

10.1 Once the winner of a Peer-to-Peer Bet or winner(s) of a Jackpot Bet has been declared, winnings will be paid into their Account balance

10.2 Winnings from Jackpot 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.

10.3 If the winning result of a Jackpot Bet is drawn, winnings will be shared amongst all winners. 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.

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

10.5 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.

10.6 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.

11. Cancellation of Bets

11.1 You may cancel any bets which have not yet been accepted at any time by cancelling the relevant bet under the “My Bets” section of the App.

11.2 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.

12. Additional Settlement Rules

12.1 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:

12.2 General Rules:

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

12.2.2 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.

12.2.3 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.

12.2.4 Cancelled Events: If an event is cancelled or abandoned then all stakes will be returned to both Challenger and Opponent.

13. Self-Exclusion

13.1 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.

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

13.3 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 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.