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How To Use Betfair: Wallet Transfers

When you have power you don’t let it go to your head, you let it go to your wallet.

Hello and welcome to Step 5 of Betfair’s Path To Power, Wallet Transfers.

All Betfair’s punters have two wallets, a Main Wallet and an Australian Wallet.

All deposits go in your Main Wallet, which can be used to bet on International sports and racing.

To bet on any Australian market you simply transfer money into your Australian Wallet.

It’s as easy as clicking the transfer button in the top corner of the Betfair’s Home Page.

If only transferring my gold bullion into Swiss Frans was as easy. Personal problems, eh.

Join me next time for Step 4 of Betfair’s Path To Power, Exchange Basics.

Until then, may your punting be powerful and your wallets be thick.

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More About Wallet Transfers

Betfair operates its services all around the world, with limited exceptions where governments have taken a dim view and perceive online wagering as a threat to the moral fiber of their respective countries, one notable example being the United States, where online gaming is limited to a few states that take a more progressive view, due in no small part to the realisation that sin taxes are a lucrative source of revenue for government at all levels.

The concept of regulation and taxation of something that people were likely to do illegally just as willingly as legally would have to be the reason online gaming has achieved such a strong foothold In Australia, and the next time you are motoring down the flawless pavement of the King’s Highway, remain grateful in the knowledge that you and your fellow punters have contributed money that is at least partly responsible for the smoothness of that pavement.

As anyone with the slightest grasp of the complexity of the laws regarding taxation of any kind, however, it becomes rapidly apparent that there are going to be different rules in different jurisdictions that make compliance with all of them the source of many a career at an organisation such as Betfair. What is perfectly acceptable in London might be impossible in Sydney when it comes to punting, and this is before we even begin to consider the ramifications as they would affect one of the Asian or European countries.

Betfair has adapted to this labyrinthine maze of different regulations by creating Wallets. These Wallets are in the currency of the country in which wagering will take place. Given the variables of exchange rates that constantly fluctuate, it should be obvious that at the current moment, the Canadians would not want to give an Australian punter a dollar’s worth of punting in Canadian currency when the Australian dollar is worth considerably less. The accounting would prove nightmarish and settlements might take an inordinate period of time.

For punters in Australia and New Zealand, an Australian Wallet will be required in order to bet on any of the events contested under the jurisdiction of the authorities that grant Betfair the licenses to operate. An Australian Wallet is also necessary for punters living outside Australia and New Zealand in order for those punters to make wallet transfers and then participate in the vast selection of available Australia and New Zealand markets.

A punter, for example, who lives in Melbourne and wants to place a wager on a race in Great Britain, such as the Diamond Jubilee Stakes, would first be required to convert his funds to British pounds, and then create a British Wallet. Any dividends that this punter wanted to claim would then be converted back to Aussie dollars and deposited into that punter’s Australian wallet. That punter would have the option of leaving dividends earned on British events in the British wallet until such time as it was advantageous to make the conversion.

If all this sounds excessively complex, you could do what the majority of Betfair’s Australian clients do, which is to create an Australian wallet, and then wager on Australian and NZ events, visit this site for NZ Bookmakers Free Bets Bonus Co Nz events.

It wouldn’t be as though there was any lack of sufficient markets to permit even the most avid punter from getting a wager on.

Creating wallets in order to facilitate wallet transfers is actually more common for punters from other countries where the selection of markets is in no ways comparable to the number of potentials in Oz and Kiwi Land.

An Australian wallet will enable a punter to place wagers that are in accordance with Betfair’s licensing authority, the Tasmanian Gaming Commission. Punters from any other country where Betfair is licensed to operate will be required to perform a Wallet transfer in order to participate in wagering upon any TGC authorised event.

It is quite easy to identify which markets are compliant with the TGC. All one need do is click on the rules tab on the Betfair web page to find selections that will permit wagering through an Australian Wallet.

If you do feel inclined to wager outside the jurisdiction of the TGC, you will have to create an additional Wallet. Once this has been accomplished, Betfair makes it exceedingly simple to perform wallet transfers in order to transfer funds from an Australian Wallet to some other Wallet. In fact, wallet transfers are as simple as or simpler than placing an online order for takeaway from Eagle Boys Pizza. A video of the procedure can be found here.

There are a few identity requirements involved in having more than one Wallet and then complete wallet transfers. These requirements fall under the regulations known as Know Your Customer (KYC). This process is also quick and easy, and provides the additional benefit of removing certain restriction form your Australian Wallet. An additional benefit, one that will be music to the ears of any dedicated punter, is that completing the KYC requirements will supply some commission discounts. Certain documents are required which can then be submitted to Betfair in a number of ways, including scanning and uploading to Betfair’s servers. A few clicks around Betfair’s beautifully intuitive website would suffice for the vast majority. There is also a concise video of the process that can be found here.

Bottom line: Betfair does everything possible to make it easy to fulfill all the requirements to establish an Australian Wallet, and then make wallet transfers.

Betfair has established a solid reputation for going far above and beyond the call of duty in providing the service and assistance punters need in order to punt with the confidence of knowing that their online bookmaker is in complete compliance with the different regulations that apply to online and telephone wagering.

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