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08 Mar 11
07:21
Joined:
Date Joined:
22 May 02
For the attention of UK Registered Customers Only
This message is to inform you that Betfair has taken the decision to restructure the licensing of its UK business. The changes will not impact your betting experience or the features available to you.
With effect from 00.01 on March 9th a new set of Terms and Conditions applies to the placement of Betfair exchange bets by you. These will be available to view at Betfair.com from the above time.
After the above change comes into effect, any further use of our site, or services relating to it, will constitute acceptance of the new Terms and Conditions by you.
This change means that from the above time, you will be contracting with a licensed betting operator (TSE (Gibraltar) LP) within the Betfair group which is based in Gibraltar, and not Betfair Ltd, as was the case before. TSE (Gibraltar) LP’s activities will be governed by Gibraltar gambling regulations.
The provision of helpdesk, payments and other services will be unaffected.
Thank you for your continued custom which is important to us.
Sincerely,
The Betfair Team
This message is to inform you that Betfair has taken the decision to restructure the licensing of its UK business. The changes will not impact your betting experience or the features available to you.
With effect from 00.01 on March 9th a new set of Terms and Conditions applies to the placement of Betfair exchange bets by you. These will be available to view at Betfair.com from the above time.
After the above change comes into effect, any further use of our site, or services relating to it, will constitute acceptance of the new Terms and Conditions by you.
This change means that from the above time, you will be contracting with a licensed betting operator (TSE (Gibraltar) LP) within the Betfair group which is based in Gibraltar, and not Betfair Ltd, as was the case before. TSE (Gibraltar) LP’s activities will be governed by Gibraltar gambling regulations.
The provision of helpdesk, payments and other services will be unaffected.
Thank you for your continued custom which is important to us.
Sincerely,
The Betfair Team
Show More
Betfair Switch to Gibraltar Licence – FAQ’s
We’d like to take the opportunity to address some of the comments which have been raised on the forum in relation to our announcement this morning.
Question: Why is Betfair taking this decision?
Answer: Betfair is one of only a small handful of significant online operators who licence their business in the UK and from a commercial point of view this places additional burdens on the company compared to its competitors. Through this new licencing arrangement we will now be on the same competitive footing as the vast majority of the online industry with UK customers.
Question: Does this mean that Betfair is no longer a UK company?
Answer: No. Betfair will remain headquartered in the UK with approximately 1,200 staff here.
Question: Does this decision stem from Betfair’s flotation on the stock market and transition into a public company?
Answer: No. This issue has been under review for some time – long before our stock market flotation in October 2010. This decision has been taken for the above reasons, which apply whether the business was public or private.
Question: Will the funding of British horseracing suffer as a result of this move?
Answer: No. Betfair has committed to putting exactly the same amount of money back into British horseracing than we have been paying via the statutory Levy and is happy to make that commitment for the rest of the 49th Levy Scheme and on the terms set out for the forthcoming 50th Levy scheme.
Question: Does this mean that Betfair will no longer share suspicious betting information with sporting regulators?
Answer: No. Betfair’s information sharing agreements (MoUs) will continue to operate as normal. The information sharing through the MoU’s is voluntary on Betfair’s behalf but we recognise that those tasked with ensuring sport is free from corruption cannot do their jobs properly without access to betting information.
Question: Will customer funds continue to be ring-fenced in the same manner as they were before this decision?
Answer: Yes, customer funds continue to be held in the name of a UK Betfair group company (The Sporting Exchange Clients Ltd), which exists solely to hold those funds. The ring-fencing of customer funds has not changed.
Question: Are Betfair’s standards of customer protection going to drop as a result of this decision?
Answer: No. Betfair already met the regulatory standards required by the UK Gambling Commission and we do not intend to change our practises in any areas of consumer protection. Furthermore, as the holder of a Gibraltar gambling licence, Betfair will now be required to meet any additional Gibraltar law requirements in this area.
We hope the above helps address some of the comments relating to our decision.
Sincerely,
The Betfair Team
We’d like to take the opportunity to address some of the comments which have been raised on the forum in relation to our announcement this morning.
Question: Why is Betfair taking this decision?
Answer: Betfair is one of only a small handful of significant online operators who licence their business in the UK and from a commercial point of view this places additional burdens on the company compared to its competitors. Through this new licencing arrangement we will now be on the same competitive footing as the vast majority of the online industry with UK customers.
Question: Does this mean that Betfair is no longer a UK company?
Answer: No. Betfair will remain headquartered in the UK with approximately 1,200 staff here.
Question: Does this decision stem from Betfair’s flotation on the stock market and transition into a public company?
Answer: No. This issue has been under review for some time – long before our stock market flotation in October 2010. This decision has been taken for the above reasons, which apply whether the business was public or private.
Question: Will the funding of British horseracing suffer as a result of this move?
Answer: No. Betfair has committed to putting exactly the same amount of money back into British horseracing than we have been paying via the statutory Levy and is happy to make that commitment for the rest of the 49th Levy Scheme and on the terms set out for the forthcoming 50th Levy scheme.
Question: Does this mean that Betfair will no longer share suspicious betting information with sporting regulators?
Answer: No. Betfair’s information sharing agreements (MoUs) will continue to operate as normal. The information sharing through the MoU’s is voluntary on Betfair’s behalf but we recognise that those tasked with ensuring sport is free from corruption cannot do their jobs properly without access to betting information.
Question: Will customer funds continue to be ring-fenced in the same manner as they were before this decision?
Answer: Yes, customer funds continue to be held in the name of a UK Betfair group company (The Sporting Exchange Clients Ltd), which exists solely to hold those funds. The ring-fencing of customer funds has not changed.
Question: Are Betfair’s standards of customer protection going to drop as a result of this decision?
Answer: No. Betfair already met the regulatory standards required by the UK Gambling Commission and we do not intend to change our practises in any areas of consumer protection. Furthermore, as the holder of a Gibraltar gambling licence, Betfair will now be required to meet any additional Gibraltar law requirements in this area.
We hope the above helps address some of the comments relating to our decision.
Sincerely,
The Betfair Team
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