Exchange Rules and Regulations

Part A – About these Rules and Regulations

1. Application and interpretation

a. The Exchange Rules and Regulations (herein after referred to as "Exchange Rules") are supplementary to our Terms and Conditions.

b. References in these Exchange Rules to "we", "us" or "our" will be to Bet Ltd.

c. The Exchange Rules apply to all bets placed on our Exchange Markets.

d. Unless Specific Sports Rules apply, the General Rules are relevant to all bets.

e. The Specific Sports Rules will prevail in case of any conflict between them and the General Rules.

f. The General Rules will apply for any category or Market not listed in the Specific Sports Rules.

g. We reserve the right to amend the Exchange Rules at any time. Any such revision will be binding and effective immediately on the posting of such rule changes on our website. Any Markets loaded after the new Exchange Rules have been posted shall be governed by the new Exchange Rules.

h. These Exchange Rules may, from time to time, be prepared in various languages other than English for reference purposes only. Where the Exchange Rules are provided in another language, in the event of any differences between the English version and the non-English version, the English version shall prevail.

2. Your responsibilities

a. You must make yourself aware of all the Exchange Rules affecting any Market on which you wish to place a bet. You must also familiarise yourself with the content of our Terms and Conditions and confirm that you have accepted them.

b. It is your responsibility to keep up to date with these Rules and Regulations.

c. It is your responsibility to ensure that the information you use before placing a bet is reasonable.

3. Disputes processing and referral to Alternative Dispute Provider.

a. For any concerns or questions, regarding our Exchange Rules or the settlement of any Market, you should contact us in the first instance.

b. If you remain dissatisfied with how a bet or a Market has been settled or any aspect of our service, you may make a complaint to us. We will deal with any complaint that you may have with us in accordance with the Complaints, Disputes and Referral to the Alternative Dispute Resolution (ADR) Service section of our Terms and Conditions.

Part B – General rules

1. In-Play Market Management

1.1. General

a. You, the user, are responsible for managing your in-play bets and positions at all times.

b. For the purpose of in-play betting, users should be aware that TV pictures stated as “Live” by broadcasters may be delayed. Other users may have access to faster pictures.

c. Where bets are made while the Event is in-play, there is a built-in delay for processing these. Users must wait for confirmation after the delay that their bet has been placed. Details of the specific delay will be shown on the Market display.

d. We will aim to use our objective judgement to suspend in-play Markets at the beginning of, and at the end of, the Event. However, we do not guarantee that Markets will be suspended at the relevant times.

e. For all sports other than Horse Racing, if a Market is not scheduled to be turned in-play, but we, for whatever reason, fail to suspend the Market at the relevant time, then:

  • if the Event has a scheduled 'off' time, all bets matched after that scheduled ‘off’ time will be void;

  • if the Event does not have a scheduled 'off' time, we will use our objective judgement to ascertain the time of the actual 'off' and all bets after the time of the 'off', as so determined by us, will be void.

f. With Horse Racing, if a Market is not scheduled to be turned in-play, but we fail to suspend the Market at the relevant time, then all bets matched after the official 'off' time will be void.

g. We will not part-suspend outcomes/selections within a currently in-play Market.

1.2. All Markets other than Football Markets – no suspension at 'off' time

a. In relation to Markets which are scheduled to be turned in-play, we will aim to use our objective judgement to turn such Markets in-play at the actual time of the 'off'.

b. The time of the 'off' for such Markets will be set out in the Rule Snippets of the Market Information. However, regardless of what it says in the Rule Snippet, we do not guarantee that such Markets will be suspended and turned in-play at the time of the 'off'.

c. If a Market is scheduled to be turned in-play, but it is not suspended and unmatched bets are not cancelled at the 'off', and the Market is not turned in-play with unmatched bets cancelled at any time during the Event, all bets matched after the scheduled time of the 'off' will be void.

d. In the case of Horse Racing, bets that are matched will be void from the official ‘off’ time, rather than scheduled 'off' time.

e. If there is no scheduled 'off' time, we will investigate to ascertain the time of the actual 'off'. All bets matched after this ‘off time’ will be void.

f. If a Market is listed to go in-play but is not suspended at the ‘off’ time (so any unmatched bets are not cancelled) and the Market is intentionally turned in-play at a later time during the Event, all bets matched after the time of the intentional ‘in-play’ will stand.

1.3. Football Markets – no suspension at kick-off or for a “Material Event”

1.3.1. No suspension for kick-off

a. For football markets scheduled to be turned in-play at kick-off we intend to suspend in-play markets on the occurrence of a Material Event (see definition below). The scheduled kick-off time will be set out in the Market Information. However, regardless of what it states within these areas, we do not guarantee that such Markets will be suspended and turned in-play at kick-off.

b. If a Market that is scheduled to be turned in-play is not suspended at kick-off and is not turned in-play at any time throughout the match, all bets matched after the scheduled time of the kick-off will be void.

c. If a Market is scheduled to be turned in-play, but it is not suspended at kick-off (so unmatched bets are not cancelled) and is turned in-play at a later time during the match, all bets matched after the scheduled time of the kick-off and before the first Material Event will stand. However, if there has been one or more Material Events, any bets matched between the first Material Event and the Market being turned in-play will be void.

1.3.2. No suspension for “Material Event”

a. If we do not suspend a Market on time for the occurrence of a Material Event, we reserve the right, using an objective judgement, to void bets unfairly matched after the Material Event has occurred.

b. Voiding of affected bets may take place during the Event or retrospectively after completion.

1.3.3. Definition of “Material Event”

a. For the purpose of our Exchange Rules, a "Material Event" shall mean a goal scored, penalty given or a red card being awarded.

2. Market Settlement

2.1. General

a. All Markets will be settled in accordance with our Exchange Rules and the Rule Snippets of individual Markets, as displayed in the Market Information. Unless otherwise stated, all Markets will be settled on the official result, ignoring any subsequent amendments made.

b. Rules described in the Market Information will be final for settlement purposes. In the event of errors, we have the right to reverse any settlement of a Market. We also reserve the right to make amendments to your account and its balance to reflect the changes.

c. If any doubt emerges regarding the result of a Market or Event, we reserve the right to withhold settlement of the Market until such time that we can have confidence in the results accuracy. In the event that the result cannot be verified, we reserve the right to void the Market.

d. Markets will generally be settled as soon as the result can be confirmed. However, we reserve the right to amend this settlement if the official result is different to that used for the original settlement, or if the whole Market is eventually to be voided.

2.2. Non-runners, withdrawals and disqualifications

a. Subject to our right to void bets under our Terms and Conditions or for any exception under our Exchange Rules, if the Market Information contains a statement that says "All bets stand, run or not" (or similarly worded phrase) in the Market Information, then all bets on a team or competitor will stand.

b. You should refer to the Specific Sports Rules for clarification when the Market Information has no stipulation that all bets will stand regardless of participation in the Event.

c. If a team or competitor is disqualified, withdraws or forfeits after starting an Event, they will be settled a ‘loser’, as long as at least one other team or competitor completes the Event. If no team or competitor completes an already started Event, all bets will be made void, except those that have been unconditionally determined.

3. Abandonments, cancellations, postponements of Events

a. Any single Event that is not completed within 3 days of the original scheduled completion date will have bets voided, except those on Markets which have been unconditionally determined.

b. If any tournament or competition is not completed within seven days of the original scheduled completion date, then all relevant Markets will be settled, based on the official result from the relevant governing body, provided the result is announced within 30 days of the original scheduled completion date.

c. Where a number of days are specified in relation to the completion date, the specific cut-off time would be 23:59:59 in the time zone where the Event was scheduled to take place.

4. Venue change

a. When there is a change of scheduled venue, all bets will stand. Only in the incidence where the new venue is the home ground of the original ‘away’ team, will bets be made void.

b. If there is a change in the type of surface an Event was due to take place on (e.g. a tennis match changing from grass to hard court), then all bets will be voided.

5. Periods of time

a. Most Markets have their rules listed in the Specific Sports Rules and within the Market Information.

b. If not listed within the Specific Sports Rules or Market Information, then the following shall apply:

  • If the scheduled duration of an Event is changed in the period between the Market being created and before the start of the Event, then all prior bets will be voided.
  • Periods of time refer to the length of time until an occurrence of an Event (e.g. of first goal). If an Event happens in stoppage or injury time after regular time, then it will be deemed to have occurred at the end of the regular time period. For example, any goal in Football, scored in first half stoppage time would be settled as 45 minutes.
  • All bets, related to time periods, refer to the relevant full 'regular time' period, including stoppage time. Extra-time and/or penalty shoot-out is not included (unless otherwise stated).
  • When the period of time refers to number of 'days', it applies to the end of the day, local time, after the expiry of the specified number of days. For example, if a match is scheduled for the 1st of October, then the rule that allows the match to be completed within 3 days after the scheduled completion date would mean that the deadline for completion of that match would be 23.59:59 on the 4th of October, local time.

6. Dead heats

In an Event where the number of actual winners is more than expected, Dead Heat Rules will apply, unless stated in the Specific Sports Rule or the Market information. The rule is that in a dead-heat situation, the Size, applied to the selection at full betting Price is reduced by the ratio of expected to actual winners and the other part of the Size is lost. The Dead Heat rules are that the Size is reduced, not the betting Price. The same calculation is used for backing and laying bets. The ‘lay’ bet wins whatever the ‘win’ bet loses. Dead Heat Rules are applied as follows:

The following formula is used for the Profit /Loss calculation

Profit(Loss)=[Stake × (Numberofexpectedwinners / Numberofactualwinners) × Odds] - Stake

The backers will receive the winnings as calculated above and the layers will receive the remaining Size money.

For clarification see the examples below.

Example1: Assume you are backing horse A to win for a Size of £60 at a traded price of 5.0. Horse A has dead-heated with two other horses. Therefore, to calculate the Profit (Loss) we use as follow:

Size = £60

Number of expected winners = 1

Number of actual winners = 3

Reduction ratio = Numberofexpectedwinners / Numberofactualwinners = 1/3

Price = 5

Profit (Loss) = (60 × 1/3 × 5) - 60 = 40

You will receive Profit of £40 and there will be £40 loss for the layer.

Example2: Assume that you are laying a bet on horse A for a Size of £60 at traded price of 2.0. Horse A has dead-heated with two other horses. Your Profit (Loss) is calculated as follow:

Size = £60

Number of expected winners = 1

Number of actual winners = 3

Reduction ratio = Numberofexpectedwinners / Numberofactualwinners = 1/3

Price = 2

Profit (Loss) = (60 × 1/3 × 2) - 60 = -20

You will receive Profit of £20 and there will be £20 loss for the backer.

Example3: Assume you are backing horse A for the first 3 places for a Size of £60 at a traded price of 10.0. Horse A has dead-heated with 2 other horses for second place. Your Profit (Loss) is calculated as follow:

Size = £60

Number of expected winners = 2 (1 second and 1 third)

Number of actual winners = 3 (3 second and 0 third)

Reduction ratio = Numberofexpectedwinners / Numberofactualwinners = 2/3

Price = 10

Profit (Loss) = (60 × 2/3 × 10) - 60 = 340

Example4: Assume you are backing horse A for the first 3 places for a Size of £60 at a traded price of 10.0. Horse A has dead-heated with 2 other horses for third place. Your Profit (Loss) is calculated as follow:

Size = £60

Number of expected winners = 1 (1 third)

Number of actual winners = 3 (3 third)

Reduction ratio = Numberofexpectedwinners / Numberofactualwinners = 1/3

Price = 10

Profit (Loss) = (60 × 1/3 × 10) - 60 = 140

7. Errors

a. All information provided by us is done in a fair and honest manner. However, it is possible from time to time that errors are made either through human or system error. We cannot accept liability for any errors or omissions in respect of any information supplied by us, such as the posting of prices, Entries, times, scores, results, general statistics or trading guides.

b. If any obvious errors are detected by us, we reserve the right to correct them taking sufficient measures to ensure Markets are administered with integrity and transparency.

c. We reserve the right to suspend the Market and to void all bets, matched on the Market (providing we act fairly) when an incorrect team or competitor name (excluding minor spelling mistakes) is shown or when an incorrect number of teams, competitors or outcomes are displayed in any Market.

8. Miscellaneous

a. It is your responsibility to ascertain that the selection on which you are placing a bet is your intended selection. Care should be taken when dealing with competitors with similar names.

b. All quotations to time in our Exchange Rules relate to the time zone in which you are based. For example, the kick-off time in a football match will relate to your local time and not the time in the country where the match is being played.

c. When we decide it is necessary, we may, in our sole and absolute discretion, suspend betting on a Market at any time (even if such suspension is earlier than anticipated by the Exchange Rules).

d. When we decide it is necessary and in the interests of preserving the integrity and fairness in the Markets, we may void certain bets in a Market or a whole Market in its entirety.

e. When necessary, in order to protect users, we reserve the right to cancel unmatched bets.

Part C – Specific sports rules

1. Horse Racing

1.1. General

a. All individual race Markets will be settled as per the official result at the time when the ‘weighed in’ announcement (or equivalent) is made. In the event of any subsequent disqualifications, appeals or amendments to the result, this will not affect the settlement of these Markets.

b. All bets placed on any race that falls into one or more of the following categories will be voided:

  • If an individual race is declared void, abandoned or is declared a walkover;
  • If the scheduled venue of a race is changed after the Market has been made available;
  • If a race does not take place on its original scheduled day.

c. If the original surface type of the race is changed (e.g. dirt to turf), then all bets will stand.

1.2. Place terms for Exchange Markets

a. The Market information for each race sets out the number of winners in ‘Place’ Markets. The number of winners in this Market is determined by the number of runners in the race known to us when the Market becomes available.

b. Once opened, the number of winners in Place Markets will not be affected by further non-runners.

c. All bets will be deemed void if the number of winners specified in the Market information is the same as, or more than, the number of runners in the race.

d. When the number of horses placed in a race is fewer than the number of potential winners specified in the Market information, the winning selections will only be the horse or horses that are placed.

1.3. Non-runner rules and withdrawals

1.3.1. Non-runner rules

a. If a horse in a race does not come under starters orders then that horse will be deemed a non-runner.

b. In the event of a false start or similar incident resulting in a race being re-run, the rule regarding 'under starter's orders' will not apply and horses taking no part in the re-run will be treated as non-runners.

c. All daily horse racing Markets displayed are subject to our non-runner rule, which relates to the adjustment of the Price on bets unconditionally placed when a horse in a race is declared a non-runner. The adjustment is made by applying a 'reduction factor' to the remaining horses.

d. The reduction factor for each horse is broadly based on that horse's chances of being a winner in the Market.

1.3.2. Non-runner withdrawals

a. As soon as we have confirmed that a horse is a non-runner in a race, that horse will be removed from the Market and all bets on that horse will be void.

b. In the "Win" Market, if the reduction factor of the non-runner is 2.5% or greater, the Price of all bets placed on the remaining horses will be reduced by an amount equal to the non-runner’s final reduction factor. The unmatched offers to lay any remaining horses (and are bets without “Keep”) will also be cancelled. If the reduction factor of the non-runner is less than 2.5%, no reductions will be made and no unmatched bets will be cancelled.

c. In the Place Market, if the reduction factor of the non-runner is 4.0% or greater, the potential winnings from all bets placed will be reduced by an amount equal to the non-runner’s final reduction factor. If the reduction factor of the non-runner is less than 4.0% no unmatched bets will be cancelled.

d. When there is an unmatched lay bet that has been set to “Keep” in a race where there are subsequent non-runners, these unmatched lay bets are not cancelled. Instead the lay Price offered or requested in place Markets will be reduced in proportion with the reduction factors of any non-runner(s) and the same will apply in win and place Markets, providing the relevant non-runner has a reduction factor of at least 2.5%, and 4% in place Markets.

e. After the withdrawal of any non-runner, the reduction factors on the remaining horses will be adjusted to reflect their improved chance of winning.

f. In the event of a late withdrawal, we reserve the right to withdraw the horse and apply the reduction factor after the race. If a race is unconditionally in-play, we reserve the right to suspend the Market until such time as the non-runner can be removed.

1.3.3. Reduction factors

a. In a "Win" Market the reduction factor is applied to the price of each bet. For example: if a horse with a final reduction factor of 15% is withdrawn, the Price of all bets placed on the remaining horses will be reduced by 15%, e.g. a bet placed at a Price of 6.0 would become 5.10 after the reduction had been applied (6.0 x 0.85 = 5.10).

b. The Prices may be reduced further if there are additional horses declared as non-runners and withdrawn from the Market.

c. In Place Markets, the reduction factor is applied to the potential winnings on each bet only, and not the price traded. A new traded price will then be calculated based on your potential winnings. For example: if a horse with a final reduction factor of 15% is withdrawn, the potential winnings on all previously matched bets on the remaining horses will be reduced by 15%. For example; a £10 bet on a horse to be placed at a price of 6.0 would provide winnings of £50, which after a 15% reduction reduces to £42.50. This provides a revised traded price of 5.25.

d. The Prices may be reduced further if there are additional horses declared as non-runners and withdrawn from the Market.

e. If necessary, your price will be rounded to two decimal places when reduction factors are applied.

1.4. Additional horse racing rules

a. Cloth numbers are posted as a guide only: bets are placed on a named horse.

b. Horses will not be coupled.

c. Where any horse(s) runs for purse money only, it is deemed a non-runner for betting purposes. Should this result in the number of possible winners stated in the relevant Market Information being equal to or greater than the number of runners in the relevant Market, all bets in the Market will be void.

2. Football

2.1. General

a. All football match bets (unless stated otherwise in the Market information) will apply to regular time only. This will include any injury time but not extra time or penalty shootouts.

b. All bets will be void on matches where there is a change of opponent. If there is a change of venue, all bets will stand unless the match is played at the ground of the team originally listed as away.

c. A match that is postponed or delayed and then does not or will not begin by midnight on the scheduled date will have all bets on the match deemed void, unless we become aware that the match has been rescheduled to a future date and will be played within 72 hours of the original scheduled kick-off.

d. If a match is abandoned or postponed after it has kicked-off, then all bets on all Markets associated with the match will be declared void, unless the match is completed (according to the official source) within 72 hours of the original scheduled time, except for any instance where a Market has been unconditionally determined prior to abandonment: for example, first goal scorer, time of first goal or half time result.

e. If a match is abandoned and is then restarted from the beginning within 72 hours, any bets matched prior to the original kick-off time and any bets on Markets that have been unconditionally determined will stand. All other bets not meeting these criteria will be deemed void.

f. If a team is thrown out or disqualified from a league before the season starts, then all bets on affected Markets will be void. If the league has unconditionally started, (i.e. the first league game has been played) all bets will stand and the team will be settled as a ‘loser’.

2.2. In-play football - managed games

a. At the start of the match, all unmatched bets, except for those selected as “Keep” will be cancelled and the Market will be turned in-play.

b. Markets will be suspended if a "Material Event” looks like it may occur. These Material Events include, a goal being scored, a penalty being awarded, a red card being given or referral to the Video Assistant Referee (V.A.R.). The Market will also be suspended if we lose our connection with a third-party data supplier.

  • If a goal is not scored, a red card is not awarded, or a penalty is not given (or is given, but is subsequently missed), the Market will continue and unmatched bets will not be cancelled.
  • If a goal is scored, a player is sent off, or we regain connection with our third-party data supplier, all unmatched bets, except for those selected as "Keep", will be cancelled and the Market reopened.
  • If a goal is scored but a V.A.R. is called for by the match officials, we may suspend markets and delay settlement until a clear decision has been made.
  • Bets made in any in-play period between a potential Material Event and our market suspension for V.A.R. for that Material Event will be voided if the V.A.R. overturns the original decision and a goal or red card is awarded.

c. We will endeavour to turn Markets in-play at the start of the game or match Event (as applicable) but cannot guarantee that Market will be suspended or turned in-play at the time stated within the Market Information.

2.3. In-play football - Unmanaged games

a. At the scheduled start of the match, all unmatched bets, except for those selected to go in-play, will be cancelled and the Market will be turned in-play. Once in-play, Markets will not be suspended and unmatched bets will not be cancelled at any time during the game. Markets will be suspended within a reasonable time period after the end of the match.

b. In the event of uncertainty regarding the result of any Market, the determination of the relevant football authority, as notified to us by the official source, will be used to determine the outcome.

PUBLIC v.4.0 Sep 2018