Betfair Australian Wallet
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Australia has very specific rules about betting, and Betfair is required to have a separate Australian Licence and to use a separate betting wallet for Australian events. If you are going to bet on anything that takes place in Australia you need to transfer funds to your Australian Wallet.
Events which require the Australian Wallet are marked on the rules tab for the market on Betfair, but because they have put this near the bottom of the rules section it is often off the screen. They used to have a helpful red warning which was very visible, but they seem to have removed this.
If you try to place a bet and you have no money in your Australian Wallet, you will get this popup:
You then need to click on transfer (next to the logout button) and transfer some money across, which is quick and easy.
Note that in order to transfer it back again you need to have completed their ID (KYC) procedure.
Important information regarding Betting on events taking place in Australia:
Bets placed on events taking place in Australia are covered by our Australian licence. Before placing any bets on this market it is important that you understand the regulatory requirements imposed by the Australian regulators and how they might affect you.
The Australian Wallet:
You will need to transfer money into the Australian Wallet before you can bet on any event held in Australia. Any funds held within this wallet may only be used on Australian markets. Help on how to transfer funds between betting wallets can be found here.
Before you can withdraw money from your Australian Wallet, you must meet the Australian regulator’s requirements for Identity Verification. If you haven’t done so within 90 days from your first transfer into the Australian Wallet, it will be suspended and you will not be able to use any funds in it until the validation is complete.
More information from Betfair about Australian wallets and markets here: http://en.learning.betfair.com/app/a…ail/a_id/1262/
In 2021 TradeHost traded 7,937 Betfair UK, IE, US & AU horse racing and greyhound markets.
2022 saw TradeHost become even more profitable with 22,698 Betfair markets traded.