Australian wallets / Australian markets

Why do I need to verify my identity before I can withdraw funds from my Australian wallet?

Betfair was granted an Australian licence in February 2006. Under the terms of this licence, money wagered on Australian markets must be held by Betfair in Australia.

As of August 2006, Betfair has introduced 'wallets', which are separate pools of money that you use to bet on either Australian or non-Australian markets. By creating wallets, Betfair is able to hold funds in Australia with which you can use to bet on Australian markets.

As part of being compliant with the Australian regulatory environment, we are required to validate the name and address details provided by you on your account. This will enable you to continue betting on Australian markets through your Australian wallet.

We recommend that you complete this identity validation process (kyc) as soon as possible to avoid restrictions on using your Australian wallet. These restrictions include:
- You will only be allowed to deposit a maximum of $US300 per month (or the equivalent in the currency on your account) for a 3 month period after funding the wallet.
- You will not be able to transfer any funds out of the Australian wallet. This includes the transfer of funds from your Australian wallet to another Betfair wallet.
- Your Australian wallet will be suspended after 3 months if the account has not been identity checked, and the funds will be frozen in the account.
- Your Australian wallet will be closed and all funds sent to the Tasmanian State Government in Australia if the account has not been identity checked within 2 years. You will then have to contact that Government in order to get your money back. The Tasma

How do I complete the identity verification process?

Please select the correct regional location option from the left hand menu (UK, Australian or Rest of the World) for the relevant information on what is needed from you to complete this process, or alternatively go to the Introduction to Identity verification.

Please note:

• As part of completing the required identity verification process, any documents submitted without certification as described in our method breakdown for each region will not be accepted as sufficient proof of identity for you to fully use the Australian Licence Wallet
• Only one Australian Licence Wallet is allowed per customer. Therefore, if you have more than one account with Betfair, only one of these may have an Australian Licence Wallet.

What happens if I do not complete the identity verification process?

If you do not complete the identity verification process you will be bound by a number of restrictions on your Betfair account. These restrictions are highlighted in the section 'Why do I need to verify my personal details' before I can withdraw funds from my Australian wallet. Please note that if you have not completed the process within 2 years your funds will be forfeit to the Tasmanian State Government in Australia.

Background Information on Australian markets

Betfair was granted an Australian licence which took effect from 6th February 2006.

Betfair Pty Ltd, an Australian company owned jointly by The Sporting Exchange Limited (Betfairs parent company in the UK) and Publishing and Broadcasting Limited (an Australian listed public company),was granted a licence to operate a betting exchange in Tasmania from 12:00 (GMT) on 6th February 2006. As a result, all bets placed on Australian Events from 12:00 (GMT) on 6th February 2006 are now made with Betfair Pty Ltd.

'Australian events' means events that take place on Australian soil and/or any event that is specifically identified in the grey text to a market as being governed by Betfairs Australian licence.

When placing bets on Australian events, you will be placing bets with Betfair Pty Ltd as counterparty rather than directly with other customers and you will be bound by the Australian Event specific Privacy Policy and Australian Market Terms & Conditions.

Betfair Pty Ltd has been issued with a Tasmanian Gaming Licence (TGL) in accordance with the 'Gaming Control Act 1993' and any conditions, rules and directions which the Commission determines to issue. The Act includes a number of important provisions of which you should be aware, including but not limited to the following:
- In order to place bets on Australian events all customers must validate their identity as per the rules outlined within the help page section 'Why do I need to verify my personal details before I can withdraw funds from my Australian wallet'? This is a - Your personal details and details of bets you place on Australian events can, at the request of the Tasmanian Gaming Commission (TGC), be disclosed to the TGC and certain regulatory authorities in Australia (see the Australian market specific Privacy Po - Customers may elect to place a limitation on the amount that they wish to be able to bet, they can exclude themselves from betting and in certain circumstances they can be excluded from betting by third parties who have a close personal interest in the - It is an offence, punishable by criminal sanctions, including terms of imprisonment and fines:
   1) for a direct participant of an event to place wagers in relation to that event;
   2) for a direct or indirect participant of an event or an associate of such a person to place wagers in relation to an event in a manner that induces a competitor or official not to perform to the best of their ability, be biased or otherwise cheat;
   3) for the owner of a horse or greyhound to 'lay' that horse or greyhound (it is permissible to 'back' however); and/or
   4) for a person to cheat or assist in cheating in the conduct of gaming activity;
- Betfair Pty Ltd must always hold sufficient funds in Australian bank accounts to cover bets matched on Australian events;
- Key members of Betfair Pty Ltd and employees in positions of authority or control have been required and will on an ongoing basis be required to meet rigorous integrity requirements to the satisfaction of the TGC;

The above points are intended to highlight some of the key features of the Act. These points should not be construed as legal advice. You should read the relevant portions of the Act and, if necessary, obtain your own advice before transacting with Betfair Pty Ltd. You can view the full text of the act online.

Details about the Tasmanian Gaming Commission can be found on the TGC Website or the TGC can be contacted about enquiries or complaints on +613 6233 2475