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Terms of use

1. TERMS

The terms used in these Terms of Use are interpreted as indicated herein below:

1.1 The Company – CopyBet Ltd (2118 Guava St., Belama Phase 1, Belize City, Belize), regulated by and holds Sub-License No. GLH-OCCHKTW0712232016 under Curacao Master License No. 365/JAZ.

1.2 A Client is an individual with an open CopyBet Profile on their behalf.

1.3 CopyBet is a copy-betting platform provided by the Company.

1.4 CopyBet profile is a Client’s private virtual workspace in the copy-betting system. In their profile, a Client has an opportunity to deposit money to their Wallets and withdraw it, place bets for being copied and copy other Providers’ bets, and operate as a Partner. Copying and the Rating analysis are performed for all CopyBet profiles.

1.5. A CopyBet Virtual account is an account type, which is not connected to any bookmaker. A subscriber can use this account type to test the procedure of copying Providers’ bets as well as a data provider for placing bets at any bookmakers by themselves.

1.6 A Provider is a CopyBet Profile, which becomes the bets source for Subscribers.

1.7 A Subscriber is a CopyBet Profile, which subscribes to a Provider and copies their bets.

1.8 An Affiliate is a Client, who attracts Subscribers to the Company and receives a commission for them.

1.9 A Commission is a remuneration, which the Company, a Provider, and an Affiliate receive from the bets copied by a Subscriber.

1.10 A Wallet is an internal payment service, which allows to deposit and withdraw money from the account, and distribute commissions between the Company and a Client. The platform provides each Client with only one Wallet in the system.

1.11 Betfair Exchange is a the service of BetFair company, which allows Clients to bet against each other.

https://betting.betfair.com/what-is-a-betting-exchange.html

1.12 A Bet is a betting for the outcome of an Event in order to receive profit.

1.13 An Event is an event with an equivocal outcome, such as a football match, which you can bet on. Includes one or several markets.

1.14 A Market is a set of possible results of an event, which can be bet on. For instance, a market of “match odds" in a football match includes three possible results: the win of the first team, the win of the second team, and the tie.

1.15 Bet type: Limit. When copying bets, only limit BetFair bets are taken into account. When the bet is placed, a particular coefficient limit is specified. Such bet can be executed by BetFair only on the coefficient that is better or equal to the specified one.

1.16 Bet side: BACK / LAY. Each possible result of a market can be bet in two sides – back or lay.

  • Back wins if an outcome is exactly the same as specified.
  • Lay wins if an outcome of a market is different from the specified one.

https://betting.betfair.com/what-is-lay-betting.html

1.17 A bet size is an amount of money, which defines the risk level and the size of possible bet profit. In this case, the bet side and price are taken into account.

1.18 A bet price is a ratio between a bet size and a size of a possible bet profit (loss). Decimal odds are used.

https://betting.betfair.com/decimal-odds-converter-fraction-odds-betfair-explained.html

1.19 A bet liability is an amount of money that will be lost in case of a loss. It defines the bet risk level.

  • For "back" bets: liability = bet size
  • For "lay" bets: liability = (bet size) * ((bet price) -1)

1.20 Betfair Exchange account exposure is a part of Betfair Exchange account balance resulted from placing bets. It shows how much money will be written off from the CopyBet Profile in case of the worst outcome for all open bets.

1.21 Betfair market exposure is a part of total CopyBet Profile exposure calculated for this particular market.

1.22 Cashout is an opening of a new bet on a market, when Betfair market exposure is decreasing (locking, leaving the market either in part or in whole).

1.23 Bet open is an order sending from the CopyBet system to the Betfair Exchange service with parameters of a new bet on behalf of the CopyBet system client (subscriber).

1.26 Bet matched is a fixation (either in part or in whole) of an open bet volume as matched. A matched bet is expecting a market to close with some particular outcome. A matched bet can not be cancelled by a client.

1.27 Bet closed is when a market is closed with some particular outcome, all matched bets of this market are closed as well. When being closed, a bet can be profitable or lossmaking.

1.28 Bet profit is an amount of money transferred to a Betfair Exchange client’s account in case a bet wins (a chosen outcome of an event matches the real outcome) or an amount of money written off from a CopyBet Profile in case a bet is lossmaking.

For the total bet profit, CopyBet is taking into account the BetFair commission for the market (a corresponding part for this bet).

1.29 Market profit is the total profit for all bets of this market. The market profit is charged with the commission from BetFair.

1.30 Event profit is the total profit for all markets of this event.

2. RISK DISCLOSURE

2.1 A Subscriber agrees with the fact that participating in CopyBet is associated with risks. A Subscriber fully accepts the risk of possible losses, that can occur as a result of the activity of a Provider.

2.2 A Subscriber accepts that ignorance or misreading of these Terms of Use doesn’t release them from responsibility and/or risks.

2.3 A Subscriber accepts the risk of possible losses or lost profit resulted from non-execution or partial execution of copied bets on a Subscriber’s CopyBet Profile at a bookmaker due to low liquidity on the market, insufficient funds on a Subscriber’s CopyBet Profile, or other factors.

2.4 A Provider accepts the fact that participating in CopyBet is associated with risks. A Provider performs operations on their own behalf, on their own CopyBet Profile, and at their own risk.

2.5 A Subscriber, a Provider and an Affiliate accept the risk of possible losses or lost profit due to the rounding of exchange rates during the balance operations on their Wallets.

3. COPYBET PLATFORM OPERATION RULES

3.1 BASIC COPY BETTING PRINCIPLES IN THE PLATFORM

3.1.1 The CopyBet platform looks for new open bets on a Provider’s CopyBet Profile and copies them by opening bets on Subscribers’ CopyBet Profiles.

3.1.2 Priority of copying: in case a Provider has several Subscribers, bets are copied on the "first-come, first-served" basis.

3.1.3 When being copied, Subscriber’s bet parameters (price, size, and others) are defined by the CopyBet platform based on many factors, such as:

  • Subscriptions settings (subscription coefficient, Limit loss, etc.).
  • Currencies of Provider’s and Subscriber’s CopyBet Profiles (in proportion to rates).
  • A Provider’s cashout.
3.2 COPY BETTING SYSTEM

3.2.1 Subscriptions

Bets are copied according to subscriptions specified by Subscribers to the Providers they choose.

Subscriptions can be of two types: for a period (1, 2 or 4 weeks) and an event.

Subscription parameters for a Provider:

  • Subscription type.
  • Subscription price.

Subscription parameters for a Subscriber:

  • Subscription coefficient (default value is 1).
  • Limit loss (disabled by default).
  • Automatic subscription extension (enabled by default).

3.2.2 Copying

Copying of a Provider’s bet by Subscribers: when the system receives the signal that a Provider opened a bet, it defines its parameters and sends orders to BetFair to open corresponding bets on Subscribers’ CopyBet Profiles.

Defining the parameters of the bets copied by Subscribers:

  • The event of a market of a Subscriber’s bet = the event of a market of a Provider’s bet.
  • The type of a Subscriber’s bet = limit.
  • The side of a Subscriber’s bet = the side of a Provider’s bet.
  • The price of a Subscriber’s bet = the price of a Provider’s bet with the maximum allowance of minus 10% of this price (the price of a Provider’s bet - 1).
  • The size of a Subscriber’s bet is proportional to the size of a Provider’s bet considering the subscription coefficient and currencies of Provider’s and Subscriber’s CopyBet Profiles. The conversion is made according to the CopyBet platform’s rate.

In case of a Provider’s cashout, the parameters of the copied bets are calculated in such a way that the outcomes of a Subscriber’s market and a Provider’s market are as identical as possible.

In some cases, a Subscriber’s bet size may be reduced or a bet may even not be copied.

After defining the parameters of a Subscriber’s bet, the system checks if there is enough liquidity on the market, i.e if there are enough bets with opposite side and with the same prices.

In case there is enough liquidity, a bet is placed and, highly likely, executed at BetFair immediately.

In case there isn’t enough liquidity, a bet is skipped (notification about a corresponding error is sent).

In case the first bet of a market is skipped, the entire market will be skipped (failure to enter the market together with a Provider).

3.2.3. Subscription settings

Limit loss

In subscription settings, a Subscriber can specify “Limit loss” in terms of their CopyBet Profile currency. Specifying “Limit loss” will allow to:

  • Set the maximum admissible Limit loss for a subscription.
  • Take the profit by automatically ceasing the subscription when the subscription profit level declines from its maximum value by the specified number.

If a Subscriber specified “Limit loss”, the “Limit loss” value is checked every time a new bet is copied.

“Limit loss” is calculated in the following way: the system calculates “Exposure” for all copied bets of each market and defines maximum possible losses for this market in total (or the minimum possible profit if the market is sure to be closed to the profit).

In case there are open bets of a Subscriber from this Provider on a Market, which haven’t been matched yet or have been matched partially, the system defines the worst possible matching scenario for them: the worst price and size (from zero to the full size). As a result, in case of any outcome for this bet, the profit of this market will not be less than it was calculated.

The following parameters are required for calculations:

  • Limit – Limit loss specified through the user interface.
  • Profit_current – the amount of the profit for all bets copied from this Provider.
  • Profit_max – the profit reference point. By default, this value is equal to the maximum profit for a subscription, but may be reset by a Subscriber and be equal to the current profit. After this parameter is reset, the system will continue updating it to the maximum current profit value for a subscription.
  • Exposure – the total value of the minimum calculated Exposure values for each of the markets copied from this Provider.

The limitation will be activated if:

(Profit_max – Limit) > (Profit_current + Exposure)

In this case, the next bet that may activate the limitation will not be copied.

In the platform web-interface, the following values will be displayed:

1) Limit Loss. The value can be edited. In case the value is set to zero, the system will not check it.

2) Profit Deviation = Profit_max – Profit_current; shows the difference between the current and maximum profits. This difference can’t exceed the specified Limit loss.

3) Reset (Profit Deviation). An option to reset the profit reference point (resetting Profit Deviation to zero).

3.3 ERRORS OF THE COPYING PROCESS

In case a bet can not be copied, a Subscriber receives a notification with an error why this bet can not be copied.

Examples of errors when opening bets at Betfair:

  • Insufficient funds on a Betfair Exchange account
  • A bet can not be placed due to the rules.
  • The market is put on hold.

Examples of errors when opening bets at CopyBet:

  • Insufficient funds on your CopyBet Wallet to extend a subscription.
  • The Limit loss for a subscription is exceeded.
  • The market has been skipped, the first bet didn’t enter the market.
  • There isn’t enough liquidity on the market to open a bet.
  • A bet / cashout bet is skipped (the copying system wasn’t able to define the parameters of a new bet or no cashout is required).
  • There is no information about the market in order to open a bet.
3.4 BONUSES

3.4.1 The bonus funds transferred to CopyBet Profiles allow users to pay for Subscriptions for the platform’s Providers.

3.4.2 In case there are bonus funds on CopyBet Profiles, they are spent only after Clients’ own funds.

4. CopyBet Virtual account

4.1. A client can have only one virtual account.

4.2. A virtual account can not be connected to any bookmaker.

4.3. A CopyBet Virtual account can not be subscribed to – it can not operate as a Provider account and will not be displayed in the Rating.

4.4. The procedure of copying bets on virtual accounts:

4.4.1. The procedure of copying bets for virtual accounts is the same as for standard ones, except for disbursement system.

4.4.2. A Subscriber uses virtual money for placing bets.

4.4.3. The commission for copying is paid by a Subscriber with real money from their CopyBet Wallet.

4.4.4. The commission is paid according to two different schemes depending on the subscription type specified by a Provider.

5. PLATFORM TOOLS

5.1. The rating is the main tool of the CopyBet platform. It includes several statistical parameters, which are calculated based on the history of every CopyBet Profile, including the rank in the rating calculated based on the account profit over a period in percentage.

The rating has 4 periods to display: a day, a week, a month, and throughout the existence of a CopyBet Profile.

5.2. The rating has a set of filters and helps users to find Providers according to the following parameters:

  • Nickname
  • Country
  • Active days
  • Average bet
  • Average coefficient
  • Profitability
  • Best event
  • Bets
  • Subscribers

5.3. The rating displays only those CopyBet Profiles, which meet the following requirements:

  • The CopyBet Profile has an active Betfair Exchange account connected to it with the account balance not lower than required (default value is 10 USD). The CopyBet Profile falls out of the rating only once per day (at 12:00 AM GMT). CopyBet Profile goes to the rating immediately after it is deposited.
  • The CopyBet Profile has at least one closed bet over a period.

5.4 The Company reserves the right to exclude a Client’s CopyBet Profile from the Rating without giving prior notice or reason.

6. SETTLEMENT PROCEDURE AND COMMISSION (PAYMENT FOR A SUBSRCIPTION)

6.1 THE COMMISSION

6.1.1 The commission is paid only to a Provider of a bet (not an original Provider), an Affiliate, and the CopyBet system.

6.1.2 Ratio of commission amounts: 70% to a Provider, 30% to CopyBet.

30% of the CopyBet commission share is paid to an Affiliate, if there is any.

6.1.3 The commission is paid according to two different schemes depending on the subscription type specified by a Provider.

6.1.4 The commission is fixed; it is specified by a Provider on "My subscribers" page.

6.2 THE COMMISSION ACCORDING TO “FOR PERIOD” SUBSCRIPTION SCHEME

6.2.1 The commission is calculated for periods (1, 2 or 4 weeks).

6.2.2 The commission to be paid to a Provider is blocked on a Subscriber’s CopyBet Profile and transferred to a Provider at the end of a period (excluding periods, when not a single bet was copied, in this case the commission is not paid).

6.2.3 The commission for the periods that haven’t started yet or for the current period without a single bet copied is unblocked on a Subscriber’s CopyBet Profile.

6.2.4 A subscription starts when the service receives the command to start a subscription and lasts for 1 whole period.

6.3 THE COMMISSION ACCORDING TO “FOR EVENT” SUBSCRIPTION SCHEME

6.3.1 The commission is paid for a specific event copied by a Subscriber from a Provider

6.3.2 The commission is transferred to a Provider after an event is over. The commission to an Affiliate is calculated and transferred after a Provider receives their commission for an event.

6.4 SUBSCRIPTION PAYMENTS TO A PROVIDER / AN AFFILIATE:

The commission is paid to a Provider and an Affiliate after the subscription period or an event is over.

In case a Subscriber has claims to calculations and payments, they have the right to submit an official request to the Company, which will be processed by the Payment department within 72 hours since the moment the funds were transferred.

6.4.1 Nuances of calculations according to “For period” subscription scheme

When the subscription period is over, the subscription is extended automatically (this option is enabled by default). If it can’t be done due to some reasons (for instance, insufficient funds in a Subscriber’s Wallet), the subscription is put on hold.

Resuming the subscription doesn’t change the calculation period (it still starts with the subscription starting time).

Exceptions:

  • If a subscription with an extension was stopped due to lack of funds. In this case, a Clients unsubscribes And then subscribes to a Provider again (a period starts all over again).
  • Upon resumption of a subscription, which was put on hold due to the worsening of subscription conditions by a Provider.
  • Upon resumption of a subscription, a period of which is already over.
  • If not a single bet was copied during the period, all subscription payments are returned.
6.5 CHANGING OF SUBSCRIPTION CONDITIONS BY A PROVIDER

6.5.1 In case a Provider changes subscription conditions for the worse (increases the price), Subscribers are notified by e-mail and an option of an automatic extension of a subscription is disabled.

7. AFFILIATE PROGRAM

7.1 Each user automatically becomes an Affiliate. They receive a unique affiliate code, which is added to all marketing materials. An Affiliate earns an affiliate commission if a new client used their affiliate link to visit the website, registered a new profile in the system, and paid for the bets they copied.

7.2 An Affiliate commission is paid to CopyBet clients, who are specified as an "Affiliate" for the clients they attracted. In case an "Affiliate" is not specified in the profile of an attracted Client, the affiliate commission is not paid.

7.3 An Affiliate receives 30% of the CopyBet platform’s profit.

7.4 The commission is charged and paid in US Dollars.

7.5 The commission is fixed and specified by a Provider on “My Subscriptions” page. The commission is charged for a period (1, 2 or 4 weeks) or an event. A Provider / an Affiliate receives a corresponding share of the commission.

8. RESPONSIBILITIES OF PARTIES

8.1 RESPONSIBILITIES OF A SUBSCRIBER

8.1.1 Participation in CopyBet as a Subscriber implies the absolute acceptance of these Terms of Use.

8.1.2 A Subscriber accepts the fact that a profitability over the past periods does not guarantee the same results in the future.

8.1.3 A Subscriber agrees that a Provider can use any system or strategy while placing their bets.

8.1.4 A Subscriber assumes responsibilities for having enough funds on their Betfair Exchange account for executing orders, regardless they are copied, opened manually or automatically.

8.2 RESPONSIBILITIES OF A PROVIDER

8.2.1 Participation in CopyBet as a Provider implies the absolute acceptance of these Terms of Use.

8.2.2 A Provider accepts that ignorance or misreading of these Terms of Use doesn’t release them from responsibility for financial results of their activity and/or risks.

8.2.3 A Provider accepts the fact that a Subscriber can open, close and modify bets on their CopyBet Profile, whether they were copied from a Provider’s CopyBet Profile account or placed by a Subscriber on their own behalf.

8.3 RESPONSIBILITIES OF THE COMPANY

8.3.1 The Company shall provide participants of CopyBet with a complete package of services according to these Terms of Use. The Company is liable for proper performance of technological solutions according to these Terms of Use.

8.3.2 The Company bears no liability to participants of CopyBet for lost profit or losses, which may directly or indirectly occur or not occur as a result of operations performed on Subscribers’ or Providers’ CopyBet Profiles.

8.3.3 The Company bears no liability to participants of CopyBet for lost profit or losses, which may be directly or indirectly occur as a result of their ignorance of regulatory documents and/or cooperation schemes.

8.3.4 The Company doesn’t evaluate Providers’ professional skills and suitability on any stage of their activity and bears no responsibility to Subscribers for any losses or lost profit they may incur.

8.3.5 The Company is not liable for:

1) Intentional or unintentional non-observance of Subscribers’ interests by a Provider. In this case, all possible risks fall on Subscribers.

2) Fraud with Subscribers’ funds on behalf of a Provider. In this case, all possible risks fall on Subscribers.

3) A Provider’s losing access to their CopyBet Profile, as well as the third parties’ gaining access to this CopyBet Profile. In this case, all possible risks fall on a Provider.

4) A Subscriber’s losing access to their CopyBet Profile, as well as the third parties’ gaining access to this CopyBet Profile. In this case, all possible risks fall on a Subscriber.

5) Unforeseen delays when withdrawing funds from the Wallet or depositing the Wallet.

6) Technical malfunction, if it occurs through no fault of the Company, but of the Company’s partner or other parties, who are not the Company’s employees.

7) Providers’ or Subscribers’ losses, if they occur during the maintenance operations on the Company’s servers.

9. DISPUTE RESOLUTION

9.1 In case a participant of CopyBet is not satisfied with any of its aspects, they have the right to file and send a complaint to the Company to its email address - info@copybet.com.

9.2 When filing a complaint, a complainant has to specify exactly (in their opinion) what article of these Terms of Use has been violated by the Company.

9.3 A complaint will be considered and the decision on this complaint will be made based on these Terms of Use within 7 days.

10. APPLICATION OF TERMS OF USE OF COPYBET

10.1 These Terms of Use come into effect at the moment when a Client registers a CopyBet Profile.

10.2 In case any conflicts between articles of these Terms of Use and any other regulatory document of the Company arise, the articles of this document are considered prevailing over the articles of other regulatory documents.

10.3 CopyBet is the Company’s self-design project. The terms and the ways of calculations may differ from the terms of other similar services in the field.

10.4 The Company has the right to make amendments/additions to the articles of these Terms of Use on an ex parte basis, without any prior notice. The current version of these Terms of Use can be found in the Internet at https://www.copybet.com/terms-of-use/. The Company recommends its clients to regularly check the conditions of these Terms of Use in order to be aware of any changes and/or additions. In case a Client continues to use CopyBet services after these Terms of Use were changed/improved, it means they agreed and accepted the changes and/or additions.

11. KYC AND AML POLICIES

11.1 The CopyBet platform doesn’t accept money from Clients for placing bets. CopyBet clients go through KYC procedure on the side of the platform’s integrated betting partner (BetFair Exchange).

11.2 AML (Anti Money Laundering) policy is an internal document of the Company, which describes procedures of checking a Client when they perform balance operations on their CopyBet Profiles. The document may be provided to all concerned partners of the Company upon request.

This website is owned by CopyBet Ltd. CopyBet is regulated by Curacao Master License No. 365/JAZ and has the sub-license No. GLH-OCCHKTW0712232016. The company’s address is 2118 Guava St., Belama Phase 1, Belize City, Belize.

The website is managed by CBLGate LTD (CBLGate LTD belongs to CopyBet Ltd). The company’s address is Christaki Kranou 46, office 2, Germasogeia, Limassol, Cyprus, 4042.