Betfair Exchange

Betfair has announced changes to accounts for all Australian and New Zealand members.

The Australian Wallet, required for betting on Australian and New Zealand events, will be removed and merged into the Main Wallet, from which all wagering will now take place no matter where the event is held.

It’s a handy change for Aussie and Kiwi punters, who will no longer have to manage the two wallets or transfer funds between them to place bets.

Since launching in 2006, Betfair Australia has operated on technology located in Tasmania, where it is licensed to operate by the Tasmanian Liquor and Gaming Commission. The Australian and New Zealand markets will now be merged onto the Global Betfair Exchange, located in the UK, removing the need for the Australian wallet.

Betfair will also cease operating under its Tasmanian license, moving to a new license under the Northern Territory Racing Commission.

So what does it mean for punters?

  • Changes will take place on September 20th
  • Any balance in your Australian Wallet will automatically be transferred to your Main Wallet
  • Your account, and all transactions and bets, will still be transacted in Australian Dollars (AUD).
  • All outstanding matched bets on Australian markets will be transferred across, with no changes or action required
  • All outstanding unmatched bets on Australian markets will be cancelled – the member will have to place those bets again if they choose to
  • Partially matched bets are also subject to these changes – the matched portion of the bet will be transferred automatically, whilst the unmatched portion will be cancelled and must be placed again.
  • All bet history from the Australian Wallet will be merged into the Main Wallet
  • Punters who bet on Betfair through a third-party application (eg Racing Traders, Traderline) shouldn’t experience any changes – contact those vendors to confirm.
  • Inactive accounts: per Tasmanian law, Betfair must forward any funds in accounts that have been inactive two years or more to the Tasmanian Government when they cease operating under their Tasmanian License. This will happen 30 August 2016. If you have an inactive account, prevent this from happening by either withdrawing your funds or placing a bet before August 30th.

Make sure contact Betfair on [email protected] or 1300 238 32 if you’re unclear on anything.