Further Notes About Betfair: Chapter 11
Chapter 11. Further Notes about Betfair
Safe and Secure:
Online Betfair is safe, secure and confidential site. You never know who you are betting against and your personal details are needed when creating an account only.
All the information is stored on Betfair’s secure server and all the user’s funds are held by a secure, ring-fenced trust at the national Australia Bank in Hobart.
Verification of your identity and withdrawal of funds:
Withdrawals cannot be processed and you cannot transfer more than $500 AUD or an equivalent in the currency on your account per month to your Australian wallet until your identity has been verified. Once you have opened your account you will receive an email with receive an email with a Betfair verification form, which you must fill and take to any Australia post office or Authorized Betfair verification agent, together with the identification documents listed in the form within 90 days. Verification takes place within 24hours and is free of charge.
If your account has not been verified within 90days, it will be suspended until identification process is complete. If you fail to do this within 12 months of registration, your funds will be forwarded to the Tasmanian state Government in Australia. Also once your account has been identity checked and for over 24 months period you have not placed a bet, logged in, made a deposit or withdrawal, place a telephone bet, or placed a bet using your Australian wallet, Betfair will send any funds in your Australian wallet to the department of Treasury and Finance in Tasmania as Unclaimed monies in accordance with the Unclaimed moneys act 1918.
You will then have to contact the treasury in order to recover these funds.
You will never lose more money than you have in your account, but be aware the amount you lay is not the maximum amount you can lose. In taking precautions against this, it is possible for the punter to set a maximum amount of money to risk in a designated time period.
Betfair contributes to Australian Racing: Wagering operators should pay for the product they bet on that is racing and sporting. Betfair as well pays taxes and product fees to its home state Tasmania and to all states who have imposed race fields’ legislation.
When betting on the exchange, you will be matched at the best odds on offer at the time on a first come, first served basis. For backing this, will mean you are matched at the highest available price and for laying, you will be matched at the lowest price.
However, you can ask for better odds than the ones offered by Betfair members when backing a selection. You will enter your stake and click on the arrows on the your odds box to request the odds you want and see if anyone is prepared to take you on. My bets tab on the right hand side of the screen will indicate if the bets are matched or unmatched.
If your bets remain unmatched, you still have the ability to edit the price or stake on a selection.
Bet in-play online on horse racing:
If you want to place bets in play during sporting events you will use Betfair online telephone betting service by calling 132 BET (132 238)as required by the Australian law. However, you can you can bet In-play online on Betfair’s extensive offering of worldwide racing all the way until the first horse crosses the line.
In Australia, in-play racing is currently limited to group racing only but expect to see this extended soon.
Mobile Betting is Here!
Mobile betting has arrived in a big way. All the major bookmakers support mobile betting through your mobile device and so do we !