a)
Account Overview
To view the current position of your account click on 'Account
Overview' in 'My Account'. Below is a definition of each section
of this page:
-
Account balance
Total funds currently in your account. Note that this does
not reflect any money that is at risk in unsettled bets.
-
Current exposure
Total money currently at risk in unsettled bets.
-
Retained
commission
Commission withheld in lieu of bets that have been settled
ahead of the underlying market being settled.
-
Available to bet
balance
Total funds currently available for placing new bets.
-
Available to withdrawal
balance
Total funds currently available that can be withdrawn.
-
Exposure limit
Maximum amount that may be put at risk on your account at
any one time. Please contact our helpdesk if you would
like this to be adjusted.
-
Next Discount
Rate
The discount that you will receive from the Market Base
Rate on the next market that is settled on which you have
matched bets. This Discount Rate is calculated according
to your current Betfair Points Balance.
-
Betfair Points
Balance
Total Betfair Points accrued from previously settled bets
contributing to our Betfair Points Scheme (see below for a
more detailed explanation).
-
Betfair Holiday
Balance
The number of Betfair Holidays that you have available. A
Betfair Holiday enables you to prevent the weekly decay
(15%) of your Betfair Points.
b) What are wallets used for?
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 bet on Australian markets. Australian markets are marked with an Australian flag in the rules
section on the right hand side of each market.
When you register with Betfair, you are automatically set up with two wallets—an Australian wallet and a UK wallet. Funds to cover a
bet placed on an Australian market come from your Australian wallet, and bets on all other markets are funded from your UK wallet.
These are the key things to know about wallets:
- When you deposit funds into to your Betfair account, the funds are automatically assigned to your UK wallet. Once the funds
are in your UK wallet, you are ready to bet on all markets except Australian markets.
- In order to bet on Australian markets, you first need to transfer funds to your Australian wallet. To transfer funds to your
Australian wallet, go to My Account, then click on the 'Transfer Funds' button. Enter the amount you wish to transfer, specify
which wallet should receive the funds (in this case, your Australian wallet) and click the Make Transfer button. Funds are
transferred without delay and are immediately available to bet with.
- Funds assigned to either the UK or Australia wallet are persistent, which means they will remain in the specified wallet until
you transfer them to another wallet or withdraw them from your Betfair account.
- Winnings are paid into, and commission is deducted from the same wallet that was used to fund a bet.
- When withdrawing funds from your Betfair account, you can only withdraw funds in your UK wallet. To withdraw funds from
your Australian wallet, you must first transfer the desired amount (up to and including your total Australia wallet balance) to
your UK wallet. You can then withdraw the funds from your Betfair account via your UK wallet.
- When viewing a market, it is easy to see the balance of the applicable wallet that you may use to fund bets on this market.
In the top right section of the site navigation, near your username, you will see two figures. 'This Market' is the amount you
currently have in the wallet that applies to this market (e.g. if you are viewing an Australian market, the balance will reflect
your Australian wallet). 'Total' is the sum of funds in both your UK and Australian wallets.
c) How do I transfer money between wallets?
There are two ways to transfer funds between your UK and Australian wallets:
- Go to 'My Account', then click on the 'Transfer Funds' button. Enter the amount you wish to transfer, specify which wallet
should receive the funds, and click the 'Make Transfer' button.
- From the top right section of the site navigation (in the same area where 'Available Funds' is displayed) click on the 'Transfer'
button. Enter the amount you wish to transfer, specify which wallet should receive the funds, and click the 'Make Transfer' button.
Using either of these transfer methods, funds are transferred without delay and are immediately available to bet with.
Can I restrict my weekly/monthly/yearly loss amounts?
Yes. During initial registration you will be given the opportunity to set loss limit amounts on a weekly/monthly or yearly basis. If you would like to update these details, this can be done in the My Account section of the website when you are logged in.
Select the ‘My Profile’ area. Within the Profile section, scroll down to the area detailing your account currency and click on the ‘edit’ button. Once you have selected the amount and/or frequency, press ‘save’. If you are making an increase in amount or frequency, it will not take effect for 7 Days. Decreases take immediate effect. A link to our Responsible Gambling page is situated within this section. If you have any questions please contact the Helpdesk.
How do loss limits work?
Loss limits for betting start from the moment they are set. They run for the time you choose (week, month or year) and then they are automatically re-set and begin again.
For example, if you set loss limits of £500 per week around Monday mid-day, your losses will be tracked from that point and you will be prevented from losing more than £500 on the markets covered by our UK licence until the following Monday. Then the loss limits will be re-set for the following week.
Your loss limits will be applied separately to markets covered by our two gaming licences. In the case above, you would have separate limits of £500 per week on markets covered by our UK licence and a limit of a further £500 on markets covered by our Australian licence.
Unmatched bets will also be counted towards your loss limit. If you cannot place a bet, please check that your unmatched bets would not cause you to hit your loss limit.
If you increase your limit, it will come into force 7 days later. Decreases are immediate.
Loss limits only cover net losses (taking winnings into account) on the sports betting products.
Can I restrict my daily/weekly/monthly deposit amounts?
Yes. During initial registration and funding you will be given the opportunity to limit your deposits to the site on a daily, weekly or monthly basis. If you would like to update these details, this can be done in ‘My Account’ within the ‘My Profile’ section. Find the area detailing your account currency and limits settings and click on the ‘edit’ link. If you increase the amount or frequency, it will not take effect for 7 days. Decreases take immediate effect. There is a link to our Responsible Gambling page in this section. If you have any questions, please contact the Helpdesk.
How do deposit limits work?
Every time you make a deposit on the Betfair website by debit card, credit card, Moneybookers, NETeller or PayPal there will be a check to ensure that you are not depositing more than your limit for the previous day, week or month (depending on the time period you have set).
Please note: Checks against your deposit limit are only made when making a deposit through the Betfair website by debit card, credit card, Moneybookers, NETeller or PayPal.
The deposit limit is not affected by any transfers of money between wallets or by withdrawals.
What can I do if I think I may be gambling too much?
We are absolutely committed to endorsing responsible gambling as well as improving prevention, intervention and treatment of problem gambling.
If you have any concerns about whether you are gambling too much or feel that you may be getting out of your depth, then please refer to our full Responsible Gambling information page. This page can be accessed from a link at the top of our Homepage, or from within the ‘My Profile’ section of ‘My Account’.
Self-exclusion
Should you need to take a break from gambling, we provide a self-exclusion facility. Self-exclusion means that your Betfair account will remain closed for a minimum period of six months, and will not be reactivated under any circumstances during the exclusion period (unlike a standard account closure request).
To self-exclude, go to ‘My Account’ and select the ‘My Profile’ section. Find the area detailing your account currency and limits settings and click on the ‘edit’ link. From here, you have the option to set a six month self-exclusion. Alternatively, our Helpdesk can set self-exclusion for you.
In addition to self-exclusion it is also possible for you to restrict your access to individual Betfair products:
- Betfair Casino – From within the Casino, go to ‘My Account’ and select the ‘Casino Exclusion’ option.
- Betfair Poker – Please contact our Helpdesk who will set this restriction on your behalf.
- Betfair Exchange Games - Please contact our Helpdesk who will set this restriction on your behalf.
Please contact the Helpdesk if you require any further information or assistance on self-exclusion or individual product restrictions.
Further help
Information within the Responsible Gambling page includes details about our responsible gambling policy and links to organisations that can help.
To receive guidance and support about problem gambling, please visit the GamCare website www.gamcare.org.uk or call their confidential helpline on 0845 6000 133.
d) Commission, Market Base Rate, Discount Rate, Betfair Points,
Betfair Points Statement and Betfair Holidays
Betfair charges a
Commission on your net winnings on a market. If you have
a net loss on a market you do not pay commission.
Commission is calculated by multiplying your net winnings by the
Market Base Rate, as shown
on the Rules tab. From this we will apply a discount. The more
you bet with us the greater the discount you will receive.
The size of this discount, or your Discount Rate, is determined by the
number of Betfair Points
you have accrued on your account. Betfair Points are earned in
proportion to your betting activity - the more you bet, the more
points you accrue, the greater your Discount Rate. Please note
that your discount rate will be capped at 20% unless you have
completed Betfair's Know Your Customer check requirements.
You earn Betfair Points every time you bet on a market. You will
earn 1 point for every 10 pence of commission paid (if you have
net winnings) or implied commission (if you have a net loss).
Betfair Points are awarded equally whether you win or lose.
Example:
You have net winnings in a market of £400.
The Market Base Rate is 5%.
Your current Discount Rate is 40%.
Therefore the commission you pay is £12 (£400 x 5% x
(1-40%)).
You earn 120 Betfair Points.
For the purpose of calculating Betfair Points your commission or
implied commission on a market is rebased to British Pounds at
the time of settlement.
Your Discount Rate is calculated from your current Betfair
Points every week. This occurs at midnight (GMT) every Sunday
using the table below:
Once your Discount Rate has been calculated, your Betfair Points
balance is reduced by 15%. This is known as the Weekly Decay. If you continue to bet
at the same level each week, your Discount Rate will remain
unchanged. If your Betfair Points at any time imply a higher
Discount Rate, you will move to that rate immediately.
Discount Rates are applied at the time of market settlement
rather than bet placement. These might be different for you in
long term markets.
The Betfair Points
Statement within your My Account section provides a full
history of your Betfair Points, showing changes as a result of
your betting activity, weekly decay and any relevant promotions.
This statement also shows your current Discount Rate.
You are able to prevent the weekly decay of your Betfair Points
by using a Betfair
Holiday. You may continue to bet during your Betfair
Holiday but will not earn Betfair Points for any markets settled
during this period.
You earn one Betfair Holiday when you register and one
additional Betfair Holiday every three months thereafter. You
may use your Betfair Holiday at any time but cannot accrue more
than four unused Betfair Holidays on your account.
The Betfair Holidays section within the My Account section
provides a calendar of the next 26 weeks and enables you to book
or cancel Betfair Holidays for any of these weeks.
e)
Current Bets
Click on My Account-Current Bets from the top menu to bring up
the 'Current Bets' pop-up. By default, your current unmatched
bets will be shown. However, you may select which current bets
you would like to see by selecting one of the following items
from the drop-down list at the top of the screen:
-
Unmatched Bets - Bets that you have placed, but are
yet to be matched by other Betfair users. You are able to
cancel these bets.
-
Matched Bets - Bets that you have placed and have been
matched by other Betfair users. You are not able to cancel
these bets.
-
Cancelled Bets - Unmatched bets that you have
cancelled.
-
Void Bets - Matched bets that have been cancelled by
Betfair due to a change in market conditions. For example,
bets on a non-runner (in most horse racing markets) are
declared void and will appear as void bets.
-
Lapsed Bets - Unmatched bets that have been cancelled
by Betfair, for example, at the start of an event, when
the event is turned in-play.
All times shown on this screen are UKT unless otherwise stated.
View Time
Zones to see explanation of abbreviations.
Unmatched Bets
If 'Unmatched' is displayed in the drop-down, then your
unmatched bets are displayed. The bets can be ordered by the
date on which they were placed (this is the default) or by the
market on which the bet is placed.
The following information is displayed for each bet:
-
Market - Description of the market on which the bet is
placed. This is shown as a hyperlink, which allows you to
link directly to the market in question.
-
Selection - The name of the selection on which the bet is
placed.
-
Bet ID - This is a piece of reference information that
enables Betfair to identify the bet in the case of any
queries.
-
Bet Placed - The date and time that the bet was placed.
-
Level Requested - The price that you would like the bet to
be matched at.
-
Stake - The amount of the bet that remains unmatched.
-
Back/Lay - Whether the bet was a back bet or a lay bet.
Cancelling Unmatched Bets:
The far right tick box enables you to cancel unmatched bets
individually from the Current Bets pop-up. In order to cancel a
single bet, select the tick box of the bet to be cancelled and
then click the submit button. Similarly, you are able to cancel
a number of bets by selecting the tick boxes for all the bets to
be cancelled and clicking submit. The 'Select All' button allows
you to quickly select all the bets ready for cancellation. The
'Clear All' button allows you cancel all your unmatched bets at
the click of a button.
When you cancel a bet, the full remaining amount will be
cancelled. Occasionally this might be less than the amount you
request if this is matched before Betfair receives your
request.
Matched
Bets
If 'Matched' is displayed in the dropdown, then you can see
details of your current matched bets. These bets can be ordered
by the matched date (date on which another Betfair user accepted
your bet) or by the market upon which the bets were placed. Note
that by default you will see consolidated information for each
bet. You will not see when each individual part of the bet might
have been matched. However, you may select the 'All Bet Details'
option to see the detailed information on each individual
portion of the matched bet.
The following information is displayed for each bet:
-
Market - Description of the market on which the bet is
placed. This is shown as a hyperlink, which allows you to
link directly to the market in question.
-
Selection - The name of the selection on which the bet is
placed.
-
Bet ID - This is a piece of reference information that
enables Betfair to identify the bet in the case of any
queries.
-
Bet Placed - The date and time that the bet was placed.
-
Level Requested - The price that you would like the bet to
be matched at.
-
Stake - The amount of the bet that has been matched.
-
Back/Lay - Whether the bet was a back bet or a lay bet.
-
Bet Last Matched - The latest date and time that another
Betfair user accepted your bet.
-
Avg. Level Matched - The average price that has been
accepted across this bet id (or bet portion if 'All Bet
Details' is selected)
Cancelled Bets
If 'Cancelled' is displayed in the dropdown, then you can see
details of your cancelled bets on unsettled markets. These bets
can be ordered by the cancelled date (date on which you
cancelled the bet) or by the market upon which the bets were
placed by selecting the option at the top of the list.
The following information is displayed for each bet:
-
Market - Description of the market on which the bet is
placed. This is shown as a hyperlink, which allows you to
link directly to the market in question.
-
Selection - The name of the selection on which the bet is
placed.
-
Bet ID - This is a piece of reference information that
enables Betfair to identify the bet in the case of any
queries.
-
Bet Placed - The date and time that the bet was placed.
-
Level Requested - The price that you would have liked the
bet to be matched at.
-
Stake - The amount of the bet.
-
Back/Lay - Whether the bet was a back bet or a lay bet.
-
Cancelled Date - The date and time at which you cancelled
the bet.
Lapsed/Void Bets
If 'Lapsed/Voided' is displayed in the dropdown, then you can
see details of your lapsed and voided bets on unsettled markets.
These bets can be ordered by the placed date (date on which you
placed the bet) or by the market upon which the bets were placed
by selecting the option at the top of the list.
The following information is displayed for each bet:
-
Market - Description of the market on which the bet is
placed. This is shown as a hyperlink, which allows you to
link directly to the market in question.
-
Selection - The name of the selection on which the bet is
placed.
-
Bet ID - This is a piece of reference information that
enables Betfair to identify the bet in the case of any
queries.
-
Bet Placed - The date and time that the bet was placed.
-
Level Requested - The price that you would have liked the
bet to be matched at.
-
Stake - The amount of the bet.
-
Back/Lay - Whether the bet was a back bet or a lay bet.
-
Status - This shows whether the bet has lapsed or been
voided.
Time
Zones
Below is an abbreviation of the time zones used on Betfair.
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|
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North America Hawaii
|
HST
|
-10:00
|
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|
North America Alaska
|
AKST
|
-08:00
|
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North America Pacific
|
PST
|
-07:00
|
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North America Arizona
|
AST
|
-07:00
|
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North America Mountain
|
MST
|
-06:00
|
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North America Central
|
CST
|
-05:00
|
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North America Indiana East
|
IEST
|
-05:00
|
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North America Eastern
|
EST
|
-04:00
|
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Greenwich Mean
|
GMT
|
+00:00
|
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Central European
|
CET
|
+02:00
|
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Eastern European
|
EET
|
+03:00
|
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United Arab Emirates
|
UAE
|
+04:00
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Australian Western
|
AWST
|
+08:00
|
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Australian Central
|
ACST
|
+09:30
|
|
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Australian Northern Territories
|
ANST
|
+09:30
|
|
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Australian Eastern
|
AEST
|
+10:00
|
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Australian Queensland
|
AQST
|
+10:00
|
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