Terms & Conditions

PEI

General Terms and Conditions:

The relationship between the customer and Personal Exchange International Limited is based on mutual trust. The great variety of services we offer makes it necessary to adopt certain rules in order to provide legal security. We recommend that you print out and keep all the relevant provisions of these General Terms and Conditions.

1. General:
The company Personal Exchange International Limited (hereinafter PEI) was founded under Maltese law. It was registered on 7 January 2003 under registration number C 30759 and its registered office is at “The Whispers” 5th Office, 7 Ross Street, St. Julians STJ 10, Malta. PEI was granted a betting licence by the Maltese Ministry of Finance on 23 September 2003 and is therefore entitled to offer, accept and arrange bets on worldwide events with an undecided outcome. PEI pays betting and other taxes in Malta and is subject to the authority of the Gaming Board of Malta, the official board of control for betting licences. Games of chance are prohibited in many regions, and you should ensure that you are allowed to use myBet.com.

2. Registration:

  1. If you wish to use the services provided by PEI, you are required to register with PEI as a player. To do this, please complete the registration form accurately and in full. Your application will be processed electronically.
  2. The bettor is responsible for maintaining the confidentiality of his/her password and may not disclose it to third parties.
  3. As part of the PEI registration process, the bettor declares that:
    • he/she is over 18 years old
    • he/she is resident outside Malta and United States of America
    • he/she will not use any money acquired through criminal activity
    • no monies are paid in using a credit card which he/she is not entitled to use
    • he/she knows that losses can be made using our services and that he/she is fully responsible for any such losses
    • he/she has read the terms & conditions, accepts the terms & conditions and that they also apply to all PEI services used.
  4. If PEI has doubts about a customer being over 18 years old, it may refuse the registration or block the account. No costs or obligations are incurred by registration.
  5. PEI reserves the right to refuse registration without any obligation to give a reason.
  6. Each bettor and household may only be registered once as a customer of PEI and may therefore hold only one account. Once a customer has registered, he/she may not register again as a new customer using another name or e-mail address. In particular, the registration of third parties - even with their consent – is not permitted. This exclusion also applies to friends and relatives. Should the customer breach this provision, PEI shall be entitled to cancel any closed bets and complimentary deposits and to close the player’s account.
  7. If PEI suspects manipulation or fraud or the breach of these terms and conditions, it may prevent the bettor placing any further bets by blocking his/her account. Under these circumstances, PEI will disburse all credit amounts remaining in the customer's betting account - retaining a 10% handling charge – subject to the condition that the money was obtained legally. Complimentary deposits or profits from bets using complimentary deposits will become null and void.
  8. PEI will only use your personal information to process betting operations. The information will not be passed on to third parties. Information, especially the name of a bettor, may only be disclosed where required by law or with the explicit permission of the bettor.

3. Bonuses and Credits:
1. Introductory bonus

  1. The introductory bonus will only be granted to persons who do not have an account with mybet.com and who are registering for the first time with mybet.com
  2. The introductory bonus will only be granted on the first deposit.
  3. For each mybet.com account there is maximum introductory registration bonus of EUR 50. The bonus will be credited automatically to your account on receipt of payment.
  4. Customers shall be permitted to withdraw funds only if the entire deposit amount has been used at least once and the bonus at least three times to place one or more sports bets exclusively with mybet.com (within 2 months of receiving the bonus). Otherwise the bonus will expire.
  5. Unless expressly stated otherwise, different bonus promotions cannot be combined.

2. Betting credit vouchers / Free bets

  1. Betting credits vouchers cannot be paid out in cash.
  2. Before any payout, the betting credit voucher must be used at least three times to place one or more sports bets with mybet.com (within 2 months of receiving the bonus). Otherwise the voucher will expire.
  3. Unless expressly stated otherwise, different voucher promotions cannot be combined.

4. Payments and Betting account:

  1. An individual betting account will be opened for each player after initial registration. Direct bank transfers, cheques and any cash sums will be credited to the customer's account.
  2. If the customer uses a credit card or any other form of electronic payment transaction, the amount will also be credited to the customer's betting account. Betting stakes will then be taken from this account.
  3. The customer hereby agrees to the storage of his/her personal information with regard to bets placed.
  4. Betting accounts are operated in euros. Payments in other currencies will be credited to the customer's betting account in euros following conversion and deduction of any charges.
  5. Payments into the betting account can be made using a range of payment methods (credit card, pay safe card, bank transfer, cheque, cash, etc). A minimum amount may be set by PEI. This will be announced under "payments in ". Payments made into the betting account will be credited as soon as they are received.
  6. If a customer opts for an electronic form of payment, he/she thereby excludes any revocation or similar provided the arrangement contract is carried out correctly. In other respects, the internationally accepted regulations and laws covering electronic payment transactions shall apply.
  7. If a customer opts to pay by bank transfer, he/she shall accept the usual processing time of 3 - 4 days before the money can be credited to the betting account. At the customer's request, he/she will be notified by telephone or e-mail as soon as the transfer is completed.
  8. Winnings made from betting will be credited to the account and can be used to place further bets. The customer has access to the credit in his/her account at all times. At the request of the customer, the credit amount - less any stakes relating to current bets - may be transferred entirely or in part to his/her specified bank account, paid out by crossed cheque or, if possible, transferred back to the credit card used for the transaction. If a payment into the betting account is made by credit card or using another form of electronic payment transfer, the withdrawal can be made the same way.
  9. Before the first payment into or withdrawal from the betting account, the customer may be asked to supply a copy of his/her official photo ID, credit card or other suitable documentation providing evidence of identity (e.g. telephone bill). The copy of the official photo ID will assist PEI in checking the consistency of the details given at registration (especially name and date of birth). Should the details not match, the customer's closed bets will be cancelled. Any winnings will not be paid out to the customer, unless the customer is able to provide other evidence to support his/her right to the credit amount.
  10. Should a bettor have opened more than one account, PEI may refuse to pay out any credit amounts in these accounts (with the exception of the lawfully obtained credit - less a processing fee of 10% - in the original account).
  11. Claims in relation to money debited from or credited to the betting account must be asserted within 14 days. Later claims will not be accepted.

5. Closing bets:

  1. In order to close a bet, the bettor must sign in using his/her user name and password. The bettor may log out at any time.
  2. For a bet to be valid there must be enough credit in the betting account at the time the market closes to cover the stake (i.e. no betting credit will be extended). If the credit on the account does not cover the full amount and the deficit is not transferred in due time, offers to conclude bets will only be accepted by the company in the chronological order in which they are received for as long as each bet is completely covered for by the credit on the betting account. If the stake for a bet is only covered in part by the account balance, that bet shall be limited to a stake that equals the balance on the account.
  3. PEI may refuse to accept any bet without an obligation to state a reason.
  4. PEI assumes no liability for input, transmission or evaluation errors. In particular, the company reserves the right to correct apparent errors in the odds entered and/or in the evaluation of betting results (e.g. mixing up odds or events, teams etc.) Corrections may also be made retrospectively. Only the amount confirmed and registered by the company is considered as the betting stake.
  5. By closing a bet, the bettor accepts PEI’s current valid betting terms. By closing a bet, the bettor also declares that he/she has no knowledge of any manipulation or arrangements in relation to the bet and that he/she has no prior knowledge of the event's outcome.
  6. Additional information about betting events is provided as a voluntary service by PEI for its customers. The company offers no guarantee in relation to any information provided or for their completeness of this information. The absence of any such information shall not affect the validity of a bet. Furthermore, it is assumed that the customer is sufficiently informed about an event prior to betting on it.
  7. If a bet is declared ‘invalid‘, it shall be rated at odds of 1.00. In the case of individual bets, this is equivalent to re-crediting the stake to the player’s account. In the case of multiples, the combined odds for the multiple will be calculated without the odds for the invalid bet and the stake will not be re-credited.
  8. A bet (not betting exchange) is regarded as completed once final confirmation is given by the bettor. Until this final declaration is given in relation to the conclusion of a bet, the bettor may amend his/her electronically selected forecasts. After this point, the bettor may not assert any claim, revoke the bid or withdraw from the contract.

6. P2P betting exchange:

  1. PEI offers a facility to place betting orders on a betting exchange. The odds on the exchange are based entirely on the supply and demand created by those using the market. Both buy and sell orders may be placed. This is a virtual exchange, i.e. a fully electronic trading centre.
  2. In the legal sense, prices / odds are only generated on the exchange in relation to which participants can / wish to take a betting position.
  3. The purpose of the betting exchange is to act as an intermediary for the closing of bets initiated by customers. In all cases, PEI shall be one of the parties to a bet concluded on the betting exchange. This ensures that the transaction is conducted in the correct manner and avoids any risk to the participant of non-payment.
  4. A betting contract is deemed to have been established where the order placed has been accepted by PEI with respect to its completeness and financial viability and the proposed stake has been taken up either wholly or in part, where the order has not been revoked and where the player has received confirmation of acceptance of the order or part thereof or the purchase/sale amount has been credited to/debited from the betting account.
  5. Orders which have been placed (both on the offer and demand side) but which have only partly or not yet been taken up (open betting orders) may be revoked and deleted at any time either in full or, where applicable, the remaining part.
  6. The retraction of a betting order is deemed to be completed, where the player has been notified thereof on the platform. Betting orders which have already been taken up (closed bets) cannot be cancelled or amended.
  7. The customer is solely responsible for the data he/she provides. PEI does not check such data for accuracy and shall not be liable for inaccurate entries made by the customer.

7. P2P-Trading:

  1. PEI offers a facility to trade on the exchange using betting slips ("mybet slip"). This trading area is another form of betting on the P2P betting exchange.
  2. The purchase price of a betting slip is calculated on the basis of the market value of the probability (odds) multiplied by 10 euros. At odds of 2, for example, the purchase price is ˝ x 10 euros = 5 euros. The higher the odds, the cheaper the betting slip, since there is less probability of a win at higher odds.
  3. A mybet slip will generate a payout of 10 euros if the outcome of the event matches the mybet slip obtained. Final payout will take the form of a credit in the sum of 10 euros per mybet slip to the betting account of the user who owns the slip in question at the time when the outcome of the event is determined.
  4. All other losing mybet slips expire on final determination of the outcome and are of no further value.
  5. Within the exchange trading area mybet slips may be purchased and sold on to a third party, with no limit on the number of such transactions, at the currently applicable prices determined by the market. The purchase and sale of mybet slips are dependent on finding a seller / buyer for the slip. There is no right to purchase or sell.
  6. Where a mybet slip is sold to a third party, any rights to payment that may arise from the mybet slip on completion of the betting event are transferred to the purchaser of the mybet slip. The price at which the bettor obtained the mybet slip has no bearing on the price at which he/she may resell the bet.
  7. PEI offers no guarantee that it will be possible to trade again at the latest market price displayed. Prices may occasionally change very quickly in response to the market situation.
  8. P2P Trading and the P2P Betting Exchange are directly linked. All orders placed in one of the markets are reflected in the other. Rounding errors between the markets may produce different profit/loss figures. The value of a bet or a mybet slip is determined solely by the market in which the position was opened.
  9. The customer is solely responsible for the data he/she provides. PEI does not check such data for accuracy and shall not be liable for inaccurate entries made by the customer
  10. Where an order is not executed as a result, for example, of it not being taken up by another party, it may be cancelled at any time by the bettor who placed the order. Once an order has been executed, the bet is deemed to be irrevocably closed.

8. Stake and handling charges:

  1. PEI may establish a minimum stake for a bet. This will be displayed in the betting area.
  2. PEI will charge a transaction fee for credit card payments. This fee will be shown in the ‘payments in’ area. Your credit card statement will show a charge to www.mybet.com. Your credit card will be debited immediately following transmission of the data.
  3. PEI may also charge a fee for payments out of the account. This fee will be shown in the ‘payments out’ area.
  4. PEI will charge a commission (usually 5%) on players’ net winnings on the betting exchange for each betting market (e.g. a football match). Any variation in the level of commission will be will be adequately publicised. No commission is charged on net losses made in a betting market.
  5. In the Trading area, PEI only charges a transaction fee for closing existing positions. This fee will be shown in the account statement. There is no charge for taking a position. In general, the transaction fee is calculated as the greater of 2% of the closing amount or 0.05 € per mybet slip. Any variations in the level of the transaction fee will be will be adequately publicised.

9. Limits:

  1. PEI may determine maximum stakes for individual betting events - especially for multiples - and for individually closed bets. PEI may refuse to accept any bet or limit a betting stake without any obligation to state a reason. Furthermore PEI reserves the right to adjust odds to the respective betting situation.
  2. The win limit per customer per day (the day of the bet placement) is €20,000.
  3. The win limit per customer per week (from Monday 12:00 a.m. to Sunday 11:59 p.m.) is €50,000.
  4. If a customer places multiple bets on the same market, therein exceeding the predefined limits for total winnings or total stake for the market, the bookmaker (PEI) is authorized to reduce the payout amount to be in compliance with the (respective) win and stake limits. The bookmaker (PEI) is not liable for the resulting loss of profit.
  5. In keeping with a fair conduct of betting, all attempts to evade the Limits, Terms and Conditions of Bonuses, etc. are tantamount to a violation of these regulations.

10. Market closing:

  1. For each betting event PEI shall determine when to close the market. For bets which relate to more than one event, no further bets will be accepted after the market closes for the first event.
  2. If an event is brought forward in time or if it takes place at a different time from that stated in the programme, only those bets placed up to this point shall be valid. The actual starting time of the match shall apply in this respect and not the time given in the programme. All information given in the programme represents the state of knowledge at the time of compiling the program. If a bet is closed - for whatever reason - after the beginning of an event or contrary to the betting terms, the bet shall be rated at 1.0. In the case of an individual bet, the stake will be paid back.

11. Exclusion from betting, amendments:

  1. PEI may exclude certain bettors from participating on the betting market by barring them. The bettor also has the option to exclude himself/herself from betting by means of a self-imposed bar. This bar may only be lifted by PEI.
  2. PEI may block the acceptance of bets on certain betting events. PEI is entitled to amend the terms relating to the acceptance of bets for certain betting events, especially with respect to the odds, the maximum permitted stake, limits on winning payouts and the rating of bets. This shall not affect bets already closed at the time of the bar or of any amendments.
  3. In particular, PEI may refuse to accept bets where:
    • there is any uncertainty about the bettor being 18 years of age
    • there are insufficient funds deposited in the account
    • the bet includes an event which has already begun
    • the bet includes a cancelled event or one barred by PEI
    • the maximum total weekly stake has been exceeded
  4. No liability will be assumed for typing errors, human error or other explicit errors resulting in obvious miscalculations. In this case the bookmaker (PEI) has the right to rectify these errors.

12. Rating of bets:

  1. General
    • Except where stipulated below, the winner of an event shall be the participant who is declared the official winner by the jury on the day the event has taken place and no later than 24.00 (local time at the venue). This shall also apply in the case of long-term bets. Changes to the winning order that are made after this time, for whatever reason, shall not affect the outcome of the bet.
    • Where a betting event is declared void and is started by the end of the next calendar day, the bet shall apply to the restarted event. Where the betting event is not restarted by the end of the next calendar day, the stakes will be paid back or credited to the customer's account. This does not apply to football and ice hockey games which are called off after regulation playing time. In this case, the result at the end of regulation playing time shall apply (see also "playing time" below).
    • Where a betting event is called off after at least 3/4 of regulation playing time, the score at this point shall apply. If the game is called off at an earlier point, the event will be rated at 1.0.
    • Tennis matches, where the first rally has taken place, are exempt from this rule. In this case the player who reaches the next round is declared winner ("official winner").
  2. Special rules:
    • Ex aequo-placement (dead heat):
      If several participants of an event place themselves equally (ex aequo), the following rule will apply for the determination of winnings: The total odds (in decimal form) will be divided by the sum of the alternatives, which are classed as won, and will be multiplied by the stake. This can be calculated by dividing the betted alternatives, which are classed as won.
    • Motor sports (Formula 1, Rally, Motor bike races)
      In case a Grand Prix is cancelled or adjourned and is not started again or finished within 72 hours, the race will be declared null and void. If one of the drivers withdraws before the start of the test race, all bets placed on this driver will be declared null and void. If this happens after the start of the official test race (official qualifying in the Formula 1), the bets placed on the driver will be considered lost.
  3. Game time:
    • At sporting games the outcome at the end of regulation counts. For soccer games this is (except indoor soccer games) 90 minutes, for ice hockey and handball it is 60 minutes and so on. Possible extra time (e.g. 2 x 15 minutes, penalty kick, golden goal, sudden death) have no effect on the evaluation of the betting outcome. Exceptions will, in certain cases be announced by PEI.
    • For American sports the outcome after regulation inclusive extra time (OT, Overtime) counts. American sports are:
      NFL and college-football
      NBA
      College basketball
      Baseball
    • This does not apply for the NHL (American ice hockey) and MLS (American football). In this case the outcome after regulation (60 minutes) counts. These terms and conditions have been prepared in English for reference only. In the event of any differences between the German version of these terms and conditions and this version, the German version shall prevail.


Personal Exchange International Ltd. Malta, 26.05.2006