Betfair operates its markets under two separate categories of betting licences: our non-Australian licences, which prinicpally include our UK and Maltese licences (referred to together as our ‘main licence’); and an Australian licence.
• Most events in the UK and Europe are regulated by the main licence.
• Most events in Australian and New Zealand are regulated by the Australian licence.
As a result of our licence regulations, your Betfair betting account is divided into 2 wallets – one for each licence category.
To bet on an event, you must have money in the appropriate wallet. Use “Transfer” to move money between wallets. Check which wallet to use by looking in the Rules tab on the page for an event.
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 bet on Australian markets. Click here
When you register with Betfair, you are automatically set up with two wallets—an Australian licence wallet and a main licence wallet. Funds to cover a bet placed on an Australian market come from your Australian licence wallet, and bets on all other markets are funded from your main licence wallet
These are the key things to know about wallets:
• When you deposit funds into to your Betfair account, the funds are automatically assigned to your main licence wallet. Once the funds are in your main licence wallet, you are ready to bet on all markets except Australian markets.
• In order to bet on Australian markets, you first need to transfer funds to your Australian licence wallet. To transfer funds to your Australian licence wallet, go to My Account, then click on the ‘Transfer Funds’ button. Enter the amount you wish to transfer, specify which wallet should receive the funds (in this case, your Australian licence wallet) and click the Make Transfer button. Funds are transferred without delay and are immediately available to bet with.
• Funds assigned to either the main wallet or Australia wallet are persistent, which means they will remain in the specified wallet until you transfer them to another wallet or withdraw them from your Betfair account.
• Winnings are paid into, and commission is deducted from the same wallet that was used to fund a bet.
• When withdrawing funds from your Betfair account, you can only withdraw funds in your main licence wallet. To withdraw funds from your Australian licence wallet, you must first transfer the desired amount (up to and including your total Australian licence wallet balance) to your main licence wallet. You can then withdraw the funds from your Betfair account via your main licence wallet.
• When viewing a market, it is easy to see the balance of the applicable wallet that you may use to fund bets on this market. In the top right section of the site navigation, near your username, you will see two figures. ‘This Market’ is the amount you currently have in the wallet that applies to this market (e.g. if you are viewing an Australian market, the balance will reflect your Australian licence wallet). ‘Total Betfair Funds’ is the sum of funds in both your main wallet and Australian licence wallet.
There are two ways to transfer funds between your main licence wallet and Australian licence wallets:
• Go to ‘My Account’, then click on the ‘Transfer Funds’ button. Enter the amount you wish to transfer, specify which wallet should receive the funds, and click the ‘Make Transfer’ button.
• From the top right section of the site navigation (in the same area where ‘Available Funds’ is displayed) click on the ‘Transfer’ button. Enter the amount you wish to transfer, specify which wallet should receive the funds, and click the ‘Make Transfer’ button.
Using either of these transfer methods, funds are transferred without delay and are immediately available to bet with.
Only funds in your main licence wallet may be withdrawn from your Betfair account. To withdraw funds in yourAustralian licence wallet, you must first transfer the desired amount (up to and including your total Australian licence wallet balance) to your main licence wallet. You can then withdraw the funds from your Betfair account via your main licence wallet.
PLEASE NOTE: In order to withdraw any funds from your Australian licence wallet, you will need to have passed our customer validation requirements. For more information on this, please click here