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Changes to payment rules (April 9th, 2014)
You may have heard about recent changes to our payment process rules. The details of the change are available in section 30 of our General Rules, but we wanted to take this opportunity to specifically address some of the concerns customers have raised.1. Why was this rule update implemented right now?
Abuse from a small sub-set of our customers initiated the need to adjust our rollover requirements. Our analysis indicated that only a small portion of customers would be affected as the vast majority already rolled over (risked) their deposits 5x prior to the rule change. This isn’t a decision we take lightly. We make every effort to ensure our payment processing rules strike a balance between being fair to you the customer, while also enabling us to keep offering the best value odds online.
2. Is this a new charge?
This isn’t a new charge, just a change in the existing fee structure and rollover requirement. Our existing fee for deposits that are not rolled over has actually been reduced from 5% to 3%. This fee only applies when the rollover requirement is not met.
3. Am I still able to withdraw my money at any time?
Yes, you can withdraw your money at any time, however deposits that are not rolled over will incur the fee.
4. Is this similar to the Betfair Premium charge?
Not in any way. Betfair’s Premium charge is a commission specifically on player profitability, targeting players who generate little commission in relation to the amount they win. The changes to our payment rules do not relate to player profitability, we are happy to service winning players. These charges are to mitigate external banking fees that are outside of our control, and can be avoided simply by meeting the rollover requirements.
5. Do I have to roll over a deposit that was wagered & lost?
No, if a deposit is wagered and lost it does not need to be rolled over further. For example if you deposit $100, risked the full amount and lost it, then deposit $100 again, that first deposit is cleared and only the second deposit needs to be rolled over. Deposits are treated individually, not as an aggregate, with each deposit being cleared individually as they are either rolled over or lost.