Why do I need to verify my identity before I can withdraw funds from my Australian wallet?

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 use to bet on Australian markets.

As part of being compliant with the Australian regulatory environment, we are required to validate the name and address details provided by you on your account. This will enable you to continue betting on Australian markets through your Australian wallet.

We recommend that you complete this identity validation process (KYC) as soon as possible to avoid restrictions on using your Australian wallet. These restrictions include:

• You will only be allowed to deposit a maximum of AUD$500 per month (or the equivalent in the currency on your account) for a 3 month period after funding the wallet.

• You will not be able to transfer any funds out of the Australian wallet. This includes the transfer of funds from your Australian wallet to another Betfair wallet.

• Your Australian wallet will be suspended after 3 months if the account has not been identity checked, and the funds will be frozen in the account.  

• If you fail to verify your identity within 12 months of the date you first transferred funds into the Australian wallet, your Australian wallet funds are required to be sent to the Tasmanian Department of Treasury and Finance as unclaimed monies. You can claim back your unclaimed monies from the Department of Treasury and Finance by emailing them at unclaimed.money@treasury.tas.gov.au and completing their claim process.

For further information click here.