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, regulated by and holds Sub-License No. GLH-OCCHKTW0712232016 under Curacao Master License No. 365/JAZ.

1.2 A Client – an individual with an open account on their behalf.

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

1.4 A CopyBet account – a BetFair account connected to a CopyBet client. Copying and calculating of ratings are made for CopyBet accounts.

1.5 A Provider – a CopyBet account, which becomes the bets source for Subscribers.

1.6 A Subscriber – a CopyBet account, which subscribes to a Provider and copies their bets.

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

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

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

1.10 Credo – an internal currency of the CopyBet platform. This currency is used for performing all internal balance operations. The rate is 1 Credo equals to 1 USD. The conversion rates can be always found on your Wallet page.

1.11 Betfair Exchange – the service of BetFair company, which allows members to bet against each other.

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

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

1.13 An Event – 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 – 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 one of other possible outcomes.

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

1.17 A bet size – 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 – 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 – 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 account exposure – a part of BetFair account balance resulted from placing bets. It shows how much money will be written off from the account in case of the worst outcome for all open bets.

1.21 Betfair market exposure – a part of total account exposure calculated for this particular market.

1.22 Cashout – 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 – 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).

1.24 Bet matched – 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.

1.25 Bet closed – 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.

1.26 Bet profit – an amount of money transferred to a BetFair 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 client’s account 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).

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

1.28 Event profit – 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 account at a bookmaker due to low liquidity on the market, insufficient funds on a Subscriber’s account, 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 account, 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 account and copies them by opening bets on Subscribers’ accounts.

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, loss limit, etc.)
  • currency of Provider’s and Subscriber’s accounts (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 have a period (1 week) and may be extended automatically or manually by a Subscriber.

Subscription parameters for a Provider:

  • the price of a subscription period
  • the minimum amount of funds (in USD) on a Subscriber’s account

Subscription parameters for a Subscriber:

  • a subscription coefficient (default value is 1)
  • loss limit (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 the parameters of Subscribers’ new bets and sends orders to BetFair to open corresponding bets on clients’ accounts.

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 accounts.

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. Loss limit

A Subscriber can specify the maximum admissible loss limit for a subscription. In this case, the CopyBet system will try to limit Subscriber’s losses.

Specifying the loss limit provides a Subscriber with an opportunity to get maximum profit and limit possible losses for a subscription.

The loss limit is checked every time a new copied bet is opened:

1) The system defines maximum possible losses for all open bets of this subscription along with a new bet and takes into account all possible outcomes of an event. A starting point for the loss limit is either the maximum profit for a subscription or the profit at the moment when the loss limit was last reset.

2) Maximum possible losses are compared with the loss limit and then the system decides whether to open a bet or not.

The loss limit is not checked in case of a Provider’s cashout.

3.3 Prohibition of copying

Prohibition of copying allows a client to enable or disable copying from their account.

3.4 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 Betfair account
  • 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 CopyBet Wallet to extend a subscription
  • the loss limit for a subscription is exceeded
  • the market is skipped, the first bet didn’t enter the market
  • there isn’t enough liquidity on the market to open a bet
  • a 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.

4. PLATFORM TOOLS

4.1.1. 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 account, 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 account.

4.1.2. The rating displays only those CopyBet accounts, which meet the following requirements:

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

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

5.1 The commission

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.

5.1.2 The commission is calculated for periods (a default period = 1 week = 7*24 hours).

5.1.3 The commission is fixed; it is specified by a Provider on "My subscribers" page. A Subscriber pays this commission for a default period. A Provider / an Affiliate receives a corresponding share of the commission.

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

5.1.5. The commission to be paid to a Provider is blocked on a Subscriber’s account 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).

5.1.6. 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 account.

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

5.2 Subscription payments to a Provider / an Affiliate:

After the subscription period is over, the system waits for 48 hours for a Client to file claims. During this period of time, subscription payments may be blocked using the system support.

After the waiting period is over, a Client’s claims will be considered within 24 hours.

If the subscription payments aren’t cancelled 72 hours after the subscription period is over, payments are transferred to a Provider / an Affiliate.

At the end of a period, a subscription is extended automatically (by default this option is enabled). In case it is impossible (for example, there is insufficient money on a Subscriber’s Wallet), a subscription is suspended.

After a subscription is resumed, a payment period doesn’t change (it starts when a subscription period starts).

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.

5.3 Changing subscription conditions by a Provider

5.3.1. 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.

5.4 Subscription restrictions

5.4.1. A Provider can specify the minimum account balance (in USD) required from a Subscriber so that they could subscribe to a Provider. When a Subscriber subscribes to a Provider, they are notified about the minimum required account balance (if specified by a Provider).

5.4.2. In case a Subscriber’s account balance is less than specified by a Provider, a subscription is denied. In case there is a difference between currencies of Provider’s and Subscriber’s accounts, the funds are converted in accordance with the CopyBet system rates.

In case a Provider hasn’t specified the minimum account balance, there are no restrictions for the subscription.

6. AFFILIATE PROGRAM

6.1 Each user automatically becomes an Affiliate. They receive a unique affiliate code, which is added to all marketing materials. A user earns an affiliate commission if a new client used their affiliate link to visit the website, registered in the system, and started copying bets.

6.2 An Affiliate commission is paid to a CopyBet client, who is specified as an "Affiliate" for the client they attracted. In case an "Affiliate" is not specified, the affiliate commission is not paid.

6.3 An Affiliate receives 30% of the Platform’s profit.

6.4 The commission is charged and paid in Credos.

6.5 Commission is calculated for periods (a default period = 1 week = 7*24 hours).

6.6 The commission is fixed and specified by a Provider in some particular range. A Subscriber pays this commission for a period. A Provider / an Affiliate receives a corresponding share of the commission.

7. RESPONSIBILITIES OF PARTIES

7.1 RESPONSIBILITIES OF A SUBSCRIBER

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

7.1.2 A Subscriber accepts the fact that a Provider’s profitability over the past periods does not guarantee the same results in the future.

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

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

7.2 RESPONSIBILITIES OF A PROVIDER

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

7.2.2 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.

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

7.3 RESPONSIBILITIES OF THE COMPANY

7.3.1 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.

7.3.2 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’ accounts.

7.3.3 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.

7.3.4 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.

7.3.5 The Company is not liable for:

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

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

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

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

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

f) 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.

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

8. DISPUTE RESOLUTION

8.1 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.

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

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

9. APPLICATION OF TERMS OF USE OF COPYBET

9.1 These Terms of Use come into effect for both the Company and its clients at the moment when a Client registers a CopyBet account.

9.2 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.

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

9.4 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 the 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.