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:
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.
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.
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:
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