Betfair

RULES AND REGULATIONS

PART A - INTRODUCTION

1. USE AND INTERPRETATION

The Betfair Rules and Regulations ("Betfair Rules") are part of Betfair's terms and conditions. The Betfair Rules relate to the Betfair markets and they consist of the following:

· This INTRODUCTION section (Part A);

· The GENERAL RULES (set out in Part B below);

· The SPECIFIC SPORTS RULES (set out in Part C below – these apply to certain sports and to financial markets); and

· The MARKET INFORMATION (located on the right hand side of the screen in every Betfair market under the tab entitled "Rules").

The General Rules apply to all bets unless stated otherwise in the Market Information or the Specific Sports Rules. If there is any inconsistency between the Specific Sports Rules and the General Rules, the Specific Sports Rules shall prevail. If there is any inconsistency between the Market Information and either the General Rules or the Specific Sports Rules, the Market Information shall prevail except where the General Rules or Specific Sports Rules use the phrase 'regardless of what it says in the Market Information' or similar wording.

For any category or market not referred to in the Specific Sports Rules (e.g. special bets or beach volleyball), the General Rules and Market Information will apply.

The Betfair Rules apply for customers betting against other customers through the UK exchange and for customers betting directly against Betfair. In the latter case, any reference in the Betfair Rules to 'exchange bets' means bets placed by customers against Betfair on the betting platform; any reference to 'matched bets' means bets placed by customers and accepted by Betfair as counterparty; and any reference to 'unmatched bets' or 'unmatched exchange offers or bets' means bet requests placed by customers but not yet accepted by Betfair.

2. MARKET INFORMATION

The Market Information is provided for information purposes as an at-a-glance guide on how Betfair intends to manage the market. The Market Information may also contain rules on market settlement, however it must always be read in conjunction with the General Rules and the relevant Specific Sports Rules and a link to this Rules and Regulations page should be provided in the Market Information for each market.

Whilst the Market Information may give a guide to how markets will be managed, regardless of what it says in the Market Information Betfair reserves the right to suspend any market at any time at its sole discretion, including in order to carry out necessary administration and/or to take any necessary action to protect Betfair customers.

Betfair shall not amend the Market Information after a market has been loaded except to correct obvious errors and/or to add wording to clarify the Market Information where appropriate.

3. CUSTOMER RESPONSIBILITY

Betfair customers should make themselves aware of all of the Betfair Rules affecting any market on which they wish to place a bet. Customers cannot simply rely on the Market Information as the Market Information is unlikely to contain all of the applicable rules relating to a market.

4. CUSTOMER BETTING DISPUTES & IBAS

Any Betfair customer who has any concerns or questions regarding the Betfair Rules or regarding the settlement of any Betfair market should contact Betfair via email at info@betfair.com or via the relevant country-specific Helpdesk email address or telephone number.

If a customer is not satisfied with how a bet or a market has been settled then the customer should provide details of their grievance to Betfair via email at info@betfair.com or via the relevant country-specific Helpdesk email address or telephone number. Betfair shall use its reasonable endeavours to respond to queries of this nature within a few days (but intends in any event to respond to all such queries within 14 days of receipt).

When a customer has exhausted the internal Betfair betting dispute process without a satisfactory outcome, they may submit their betting dispute to IBAS, the Independent Betting Adjudication Service, or to such other independent betting adjudication service that Betfair may recognise from time to time.

In addition, for disputes relating to markets on Australian Events a customer can make a submission to the Tasmanian Gaming Commission and for disputes relating to markets where the Maltese Lotteries and Gaming Authority (LGA) have jurisdiction, a customer can make a submission directly to the LGA.

Following an IBAS (or equivalent) ruling Betfair reserves the right at its discretion to take appropriate action which may include, amongst other things, the following options: (a) reversing settlement for all bets placed on the relevant market, including making adjustments to customers' accounts where necessary; or (b) paying out any customer who placed a bet on the market their 'net position' if that customer would have been in a better position had the market been settled as IBAS recommended (for example, if a customer would have won more money had the market been settled in that way, that customer will be paid the difference between what they originally received when the market was settled and the amount they would have won had the market been settled as IBAS recommended).

PART B - GENERAL RULES

1. MANAGING MARKETS IN-PLAY

1.1 General

· For everything other than horseracing and greyhound racing, if a market is not scheduled to be turned in-play but Betfair fails to suspend the market at the relevant time, then:

· if the event has a scheduled 'off' time, all bets matched after that scheduled off time will be void.

· if the event does not have a scheduled 'off' time, Betfair will use its reasonable endeavours to ascertain the time of the actual 'off' and all bets after the time of the 'off' determined by Betfair will be void.

· For horseracing and greyhound racing, if a market is not scheduled to be turned in-play but Betfair fails to suspend the market at the relevant time, then all bets matched after the official 'off' time will be void.

· Betfair aims to use its reasonable endeavours to suspend in-play markets at the start of and at the end of the event. However, regardless of what it says in the Market Information, Betfair does not guarantee that such markets will be suspended at the relevant time.

· Betfair will not part-suspend outcomes/selections in a market that has been turned in-play.

· Betfair customers are responsible for managing their in-play bets at all times.

· For the purposes of in-play betting, customers should be aware that transmissions described as "live" by some broadcasters may actually be delayed or pre-recorded. The extent of any delay may vary depending on the set-up through which they are receiving pictures or data.

1.2 All markets other than soccer markets and Australian markets - not suspending at the time of the 'off'

· In relation to markets which are scheduled to be turned in-play, Betfair aims to use its reasonable endeavours to turn such markets in-play at the time of the 'off'. The time of the 'off' for such markets should be set out in the Market Information. However, regardless of what it says in the Market Information, Betfair does not guarantee that such markets will be suspended and turned in-play at the time of the 'off'.

· If a market is scheduled to be turned in-play but Betfair does not suspend the market at the time of the 'off' and the market is not turned in-play at any time during the event, all bets matched after the scheduled time of the 'off' will be void (in the case of horseracing and greyhound racing, bets will be void from the official rather than the scheduled 'off' time). If the event does not have a scheduled 'off' time, Betfair will use its reasonable endeavours to ascertain the time of the actual 'off' and all bets after the time of the 'off' determined by Betfair will be void.

· If a market is scheduled to be turned in-play but Betfair does not suspend the market at the time of the 'off' (so unmatched bets are not cancelled at that time), but the market is intentionally turned in-play at a later time during the event, all bets matched after the time of the 'off' will stand.

1.3 Soccer markets (with the exception of Australian soccer markets) - not suspending at kick-off

· In relation to soccer markets that are scheduled to be turned in-play, Betfair aims to use its reasonable endeavours to turn such markets in-play at kick-off and to suspend such markets on the occurrence of a Material Event (see definition of "Material Event" below).

· The relevant scheduled kick-off time should be set out in the Market Information. However, regardless of what it says in the Market Information, Betfair does not guarantee that such markets will be suspended and turned in-play at kick-off.

· If a market is scheduled to be turned in-play but Betfair does not suspend the market at kick-off and the market is not turned in-play at any time during the match, all bets matched after the scheduled time of the kick-off will be void.

· If a market is scheduled to be turned in-play but Betfair does not suspend the market at kick-off (so unmatched bets are not cancelled at that time), but the market is turned in-play at a later time during the match, all bets matched after the scheduled time of the kick-off and before the first "Material Event" will stand. However, if there has been one or more "Material Events", any bets matched between the first "Material Event" and the market being turned in-play will be void.

· For the purpose of this rule, a "Material Event" shall mean a goal being scored, a penalty being awarded or a player being sent off.

1.4 In-play Australian markets

· Notwithstanding the other in-play rules described above, in relation specifically to any Australian market that is scheduled to be turned in-play, if Betfair fails to suspend the market at the 'off' then all bets matched after the scheduled time of the 'off' and before the market is turned in-play will be void (in the case of horseracing and greyhound racing, bets will be void from the official rather than the scheduled ‘off’ time). If the event does not have a scheduled 'off' time, Betfair will use its reasonable endeavours to ascertain the time of the actual 'off' and all bets after the time of the 'off' as determined by Betfair will be void.

2. RESULTS AND MARKET SETTLEMENT

2.1 General

· Markets will be settled as set out in the Market Information and/or the Specific Sports Rules.

· Where the Market Information or Specific Sports Rules do not specify how and on what basis a market will be settled, markets will be settled on the official result of the relevant governing body regardless of any subsequent disqualification or amendment to the result (except if an amendment is announced within 24 hours of the initial settlement of the relevant market in order to correct an error in reporting the result).

· If no official result of a relevant governing body is available, the result will be determined by Betfair (acting reasonably) using information from independent sources. In such cases, if any new information comes into the public domain within 48 hours of settlement, then Betfair shall (acting reasonably) determine either: (i) whether the market should be reinstated or resettled in light of this new information; or (ii) whether or not to wait for further information before deciding whether to reinstate or resettle the market. Except where Betfair has announced that it is waiting for further information, any information that comes into the public domain more than 48 hours after a market has been settled shall not be considered by Betfair (regardless of whether or not such information may have led to a different result).

· In the event of any uncertainty about any result or potential result, Betfair reserves the right to suspend settlement of any market for an unlimited period until the uncertainty can be resolved to the reasonable satisfaction of Betfair. Betfair reserves the right to void any market if the uncertainty regarding settlement cannot be resolved to Betfair's reasonable satisfaction.

2.2 Resettlements

· Markets are generally settled shortly after the end of the event in question. Betfair may settle (or part-settle) some markets before the official result is declared (or may increase a customer's 'available to bet' balance by the minimum potential winnings of that customer on a given market) purely as a customer service benefit. However, Betfair reserves the right to amend the settlement of the market if: (i) the official result is different to the result on which Betfair initially settled the market (for example, a horseracing result being changed by the relevant governing body shortly after a race, but before the result is official); or (ii) if the whole market is eventually voided (e.g. for an abandoned event).

· Betfair reserves the right to reverse the settlement of a market if a market is settled in error (for example, a human or technical error).

· If Betfair resettles a market, this may lead to amendments being made to a customer's balance to reflect changes in market settlement.

2.3 Non-runners, withdrawals and disqualifications

· Subject always to Betfair's right to void bets under its terms and conditions or for any exception under the Betfair Rules, if a market contains a statement that says "ALL BETS STAND, RUN OR NOT" (or something similar) in the Market Information, then all bets on a team or competitor will stand regardless of whether or not the team or competitor starts the event or takes any part in the event.

· Where the Market Information does not stipulate that all bets will stand regardless of participation, customers should refer to the relevant Specific Sports Rules.

· If a team or competitor is disqualified, withdraws or forfeits after starting an event they will be deemed a loser providing at least one other team or competitor completes the event. If no team or competitor completes an event (having started) then all bets will be void except for bets on any markets which have been unconditionally determined.

2.4 'Winner with [named selection ]' markets

· Betfair may from time to time offer markets that are dependant on the participation of a particular competitor. If the competitor named either in a 'Winner with …' market title or in the Market Information does not participate in the tournament or event then all bets on the market will be void. For example, if there was a "Winner with Federer" tennis market, all bets on the market would be void if Federer did not participate in the tournament. However, if any other competitor did not participate, then bets would stand.

· A team or competitor will be deemed to have participated if they have taken part to the extent necessary to record an official result or classification (including any disqualification but excluding any "did not start" or equivalent classification).

3. ABANDONMENTS, CANCELLATIONS, POSTPONEMENTS

· Some markets have different rules and these are listed in the Specific Sports Rules and/or the Market Information. However, where a market has no rules in the Specific Sports Rules or the Market Information in relation to an abandonment, cancellation and/or postponement the following shall apply.

· In relation to any match, fixture, game, individual event, race or similar: If the event is not completed within three days after the scheduled completion date, then all bets on markets for this event will be void, except for bets on any markets that have been unconditionally determined.

· In relation to any tournament, competition or similar: If the event is not completed within three days after the scheduled completion date, then any markets relating to the event will be settled in accordance with the official ruling of the relevant governing body, providing such a decision is given within 90 days after the scheduled completion date. If no official ruling is announced in this 90 day period, then bets on any market relating to this event will be void, except for bets on any markets which have been unconditionally determined. If a market is to be voided but has been part-settled as a courtesy to Betfair customers, then such part-settled bets will be reversed and all bets on the market will be void.

· Betfair will decide (acting reasonably) whether a market relates to a match (or similar) or a tournament (or similar). However, by way of example, the following shall apply: (i) UEFA Cup outright = tournament; (ii) Champions League Group outright = tournament; (iii) Top Premiership goalscorer = tournament; (iv) 72-hole Golf Match bet = match; (v) Ryder Cup outright = tournament; (vi) Golf tournament outright = tournament; (vii) Tennis Tournament outright = tournament;(viii) 5-day Cricket Test Match = match; (ix) Ashes Series outright winner = tournament; (x) Motor Race (e.g. Grand Prix) = match.

4. CHANGE OF VENUE

· Some markets have different rules and these are listed in the Specific Sports Rules and/or the Market Information. However, if change of venue is not dealt with in the Specific Sports Rules and/or the Market Information then the following shall apply:

· For any team sport: if the scheduled venue is changed, all bets will be void only if the new venue is a home ground of the original away team.

· For all categories or markets other than team sports: if the scheduled venue is changed after the market is loaded by Betfair, all bets will stand.

· If there is a change in the type of scheduled surface (e.g. a hockey match switching from grass to astro-turf) after the market has been loaded, all bets will stand.

5. PERIODS OF TIME

· Some markets have different rules and these are listed in the Specific Sports Rules and/or the Market Information. However, if not dealt with in the Specific Sports Rules or the Market Information then the following shall apply.

· If the scheduled duration of an event is changed after the market has been loaded but before the start of the event, then all bets will be void.

· Some markets refer to the length of time until an occurrence in the event (e.g. time of first goal). If an event happens in stoppage or injury time after any regular time period then it will be deemed to have occurred at the end of the regular time period. For example, if a goal is scored in first half stoppage-time in a soccer match it will be deemed to have occurred on 45 minutes.

· All bets apply to the relevant full 'regular time' period including stoppage time. Any extra-time and/or penalty shoot-out is not included.

· References within these Rules and Regulations to a particular number of 'days' shall mean the end of the day local time after the expiry of the specified number of days. For example, if a rugby match is scheduled for the 1^st of December, then the rule that allows the match to be completed within three days after the scheduled completion date (see Paragraph 3 above) would mean that the deadline for completion of that match would be 23.59:59 on the 4^th of December.

6. MATCH BETS

· Some markets have different rules and these are listed in the Specific Sports Rules and/or the Market Information. For example, for match bets on Golf markets the rules are set out in the Specific Sports Rules. However, if not dealt with in the Specific Sports Rules or the Market Information then the following shall apply.

· 'Match Bets' for one-off events are determined by the competitor or team with the best score, time or finishing position in the event. If none of the competitors or teams involved in the match bet complete the event or register a score, time or finishing position then bets are void unless specified otherwise in the Specific Sports Rules and/or the Market Information. Any competitor or team not completing an event or registering a score, time or finishing position having taken part in the match bet event will be settled as a loser providing at least one other team or competitor completes that event or registers a score, time or finishing position.

· 'Match Bets' for progress in a competition or event with multiple heats or rounds are determined by the competitor or team which qualifies to the furthest round (whether it takes part in the further round or not) or with the best score, time or finishing position in the final or same heat of that competition or event. If the relevant competitors or teams fail to qualify in the same round of the competition but in different heats then dead-heat rules will apply, irrespective of the finishing positions in their respective heats. Markets will be part-settled after the end of each round and any subsequent disqualifications, penalties or amendments to results or qualifications will not have any affect on the market. Where one or more of the competitors or teams are disqualified, for the purposes of settlement, the disqualified competitor or team will be deemed to have progressed further in the competition or event than all those eliminated from the competition or event prior to the disqualification, and will be deemed to have finished last (or joint last if there is more than one disqualification) of those still competing in the competition or event. Disqualification will be considered to have taken place at the time of the competitor's or team's removal from the competition or event by the relevant governing body, rather than at the time of the event which caused disqualification.

· If one of the competitors or teams does not take any part in the event, then all match bets will be void.

· If an event or tournament is abandoned or reduced in duration such that any competitor or team fails to complete the match bet, event or tournament for any reason other than withdrawal or disqualification then all bets will be void except for those on markets which have been unconditionally determined.

7. "TO QUALIFY" MARKETS

· Any 'to qualify' market (e.g. "to reach the final" markets) will be determined by the competitor or team that qualifies under the terms set out in Market Information, whether or not they take part in the next round or event for which they have qualified. Markets will be settled after the qualifying stage and any subsequent disqualification or amendment to the result will not count.

8. DEAD HEATS

· Unless stated otherwise in the Specific Sports Rules and/or the Market Information the Dead Heat Rule applies to bets on a market where there are more winners than expected (as set out in the Market Information).

· For each bet matched on a relevant winning selection, the stake money is first reduced in proportion by multiplying it by the sum of the number of winners expected (as set out in the Market Information), divided by the number of actual winners (i.e. stake multiplied by (number of winners expected/number of actual winners)). The winnings are then paid to the successful backers on this 'reduced stake' (reduced stake multiplied by traded price) and the remaining stake money is paid to the appropriate layers.

· For example, assume there is a dead heat for first place between three horses. 'Client A' has backed one of the winners for a stake of 300 at the traded price of 4.0 and 'Client B' has taken the other side of this bet. When the event is settled, the stake (300) is multiplied by 1/3 (i.e. the number of expected winners (1) divided by the number of actual winners (3)) to calculate the reduced stake (100) and the remainder given to the layer (200). The backer then receives the traded price matched (4.0) multiplied by the reduced stake (4 x 100 = 400). In this example, Client A's net winnings are 100 (400 payout minus the original 300 stake), and Client B's net losses are 100. Alternatively, this can be viewed as the full amount paid to the traded price divided by the number of dead-heaters. In the above example this would be 300 at the traded price of 4.0 (1200) divided by 3; making 400 payout and 100 net winnings.

· By way of another example, assume there is an outright winner in a golf tournament but 7 players tie for 2nd place. In the "top 5 finish" market, after settling on the outright winner in the top 5 market there would be 4 other designated winners places available. 'Client A' has backed one of the winners for 300 at the traded price of 4.0 and 'Client B' has taken the other side of this bet. When the event is settled, the stake (300) is multiplied by 4/7 (i.e. the number of expected winners (4) divided by the number of actual winners (7)) to calculate the reduced stake (171.43) and the remainder given to the layer (128.57). The backer then receives the traded price matched (4.0) multiplied by the reduced stake (4 x 171.43 = 685.72). In this example, Client A's net winnings are 385.72 (685.72 payout minus the original 300 stake), and Client B's net losses are 385.72.

· In relation to customers whose betting counterparty is Betfair, for the purposes of this section of the Betfair Rules dealing with dead heats, the terms 'Client A', 'Client B' and 'appropriate layers' should, where relevant, be read as 'Betfair'.

9. MULTIPLES

· Customers placing a multiple bet will be betting with Betfair and Betfair will act as the counterparty to the bet.

· A multiple bet consists of a number of legs. A leg is defined as one or more chosen selections in any individual event market.

· The maximum number of legs in any multiple is eight, although Betfair reserves the right to amend this number from time to time.

· Customers can place a multiple bet using back, or where available lay or a mixture of back and lay selections. However, customers cannot have a combination of back and lay selections in any one leg. In 'to be placed' markets customers will only be able to bet on one selection per leg in any multiple bet.

· If customers choose more than one selection in one leg the odds for this leg will be "dutched" which means they will be combined to reflect the chances of any of the selections within the leg winning (if backed) or all of the selections losing (if laid). If customers wish to place a cross-multiple bet (i.e. more than one selection in any event market but not using "dutched" prices) they will need to enter each multiple bet separately.

· Other than multiples bets struck at Betfair Starting Price ("BSP"), the odds available via the Betfair multiples product will be broadly based on the relevant singles markets on the Betfair betting exchange and any such winning multiple bet will be subject to Betfair commission as set out in the 'Betfair Charges' section of the website.

· Any winnings from multiples bets struck at BSP will not be subject to Betfair commission, but the odds returned on each leg in such a multiple will be subject to a 5% deduction from the BSP.

· The minimum total stake for any multiple bet is £2. For example a 20p "Yankee" (11 bet combinations) representing a total stake of £2.20 is permitted. However a 1p "Heinz" (57 bet combinations) representing a total stake of £0.57 or a £1 double (1 bet combination) representing a total stake of £1 will not be permitted. For customers betting in currencies other than Sterling the minimum total stake which applies to a multiple bet will not necessarily be the equivalent of £2, though it will be calculated as described in the example above.

· Betfair, in its sole discretion, will determine the markets that are available for multiples. Events available for multiples will be those listed within any individual Betfair multiple group (e.g. UK football fixtures for any given day). Not all Betfair markets will be available via the multiples product.

· Betfair reserves the right not to accept certain multiple bets or to scale back stakes in certain circumstances, for example where a customer exceeds his or her exposure limit. For bets on the multiples product that 'exposure limit' will be the lower of the limit applied automatically to bets placed through or with Betfair in relation to non-multiples betting, or it may be a limit applied by Betfair to a customer's betting on the multiples product.

· With the exception of the rule directly below, if any selection in any leg is a non-runner or otherwise void under the Betfair Rules (e.g. an abandoned match) then all bets on that individual leg will be void and the multiple bet shall be adjusted accordingly. For example a treble including one void leg will become a double. This means that if customers have more than one selection in any leg (i.e. in cases of 'dutching') and one of those selections is a non-runner, the whole leg will be void.

· Notwithstanding the rule directly above, for multiples bets struck at BSP, if customers have more than one selection in any leg and one of those selections is a non-runner the leg will stand. For example if customers back both Desert Orchid and Red Rum in an individual horse race and Red Rum is a non-runner, the leg will become a back of just Desert Orchid.

· In the event that voided legs mean that an individual bet within a multiple becomes a single bet, then this single bet will stand.

· Betfair reserves the right not to accept certain combinations of multiples, such as those including related contingencies (i.e. where the outcome of one event is likely to affect the odds on the outcome of another event). This may happen automatically at the bet placement stage. Alternatively, if such bet is taken in error Betfair may void the individual bet combinations which include two or more of the related contingency selections.

· Betfair may offer special markets on related events from time to time including within its normal markets (i.e. outside of the Betfair multiples product), for example a market on Chelsea to win the English domestic double (i.e. Premiership and FA Cup).

· When placing any Betfair multiple bet the prices shown only give an indicative guide as to the price available for each leg and the overall multiple. Other than multiples bets struck at BSP, the price of each leg and the overall multiple price that customers get will be fixed when the multiple bet is actually placed and customers will then be able to see these prices. For more details on this customers should refer to the 'help' files.

· All multiple bets placed are subject to the Betfair Rules relating to any individual market that relates to any leg of any multiple bet.

· The maximum daily payout per customer for all winning multiples bets combined is £1,000,000 (or the currency equivalent).

10. RULES FOR BETFAIR STARTING PRICE

· Betfair's Starting Price ('SP' or 'Betfair SP') is calculated by Betfair, by balancing all SP bets and exchange bets when the market is suspended at the 'off' of the relevant event. The details of this calculation are provided directly below.

· Please note that for all Betfair customers, an SP bet cannot be cancelled once it has been placed.

· A bet at Betfair SP is a fixed odds bet, with the odds on each selection being calculated and bets matched when the event starts. The odds are calculated by matching SP backers and exchange backers against SP layers and exchange layers. The inclusion of exchange bets in the SP reconciliation is necessary to ensure that: SP backers get the benefit of unmatched exchange offers to lay if those offers could increase the SP; and SP layers get the benefit of unmatched exchange offers to back if those offers could reduce the SP. Including unmatched exchange offers in the SP reconciliation also ensures that the bets of exchange backers and layers, which would otherwise lapse, are matched where possible.

· The minimum liability for a bet placed at Betfair SP is £10 for a lay bet and £2 for a back bet (or the currency equivalent in each case).

· Example 1: on selection A there is £1,000 of backers' stakes and £6,000 of layers' liabilities at Betfair SP and there are £500 of unmatched exchange back bets available to lay at an average of 5.0. If we ignored the exchange market in this case the SP would be 7.0. However this would leave exchange back bets, that could also have been matched at their requested price against SP layers, unmatched. Therefore the Betfair SP will be 5.0 and all SP backers and SP layers will be matched at that price. The £500 of exchange backers' stakes will also be matched at their requested price of 5.0 against the SP layers.

· Example 2: on selection B there are £831 of backers' stakes and £4,428 of layers' liabilities at Betfair SP and the following unmatched exchange lay bets, available to back: £20 at 6.8, £31.13 at 6.6 and £100 at 6.4. In this case the Betfair SP will be 6.68. This is calculated by including the £20 available to back at 6.8 and the £31.13 available to back at 6.6 and balancing those amounts against the SP backers' stakes and SP layers' liabilities. The £100 available to back on the exchange at 6.4 remains unmatched as to include any of this amount would lead to an imbalance between SP backers and SP layers.

· For more details on how Betfair undertakes the SP reconciliation process, please see the FAQ section of the Betfair SP microsite which is located at the following URL: www.betfair.com/betfairsp.

· The SP is calculated to six decimal places for each selection, though it may be displayed in the relevant market view (or in any form/results data provided by Betfair) to two decimal places, rounded up or down as applicable. After reconciliation, the full SP on each selection is available by clicking on the relevant individual runner graph.

· If for whatever reason the site is unavailable when an event starts or the SP cannot otherwise be reconciled at the 'off', Betfair will determine the SP using all available information. For the avoidance of doubt this information will not be limited to betting activity on the relevant Betfair market(s). Also in these circumstances, a licensed betting operator within the Betfair group may act as risk counterparty to SP bets if necessary to ensure a fair SP. The Betfair personnel involved in determining the SP in such circumstances will have no undeclared personal or other interest in the SP in question.

· If the SP reconciliation process is undertaken prematurely (for example if a horserace is turned in-play in error), then Betfair will endeavour to reverse the reconciliation so that the SP is determined when the event actually starts. There may however be circumstances in which this is not possible, in which case the SP will be based on the initial reconciliation.

· In cases where an SP reconciliation is reversed: SP bets (including SP limit bets), 'At In-play: Take SP' bets and 'At In-play: Keep' bets will all revert to their status before the reconciliation; and 'At In-play: Cancel' bets will either remain cancelled if not matched as part of the reconciliation process, or if matched as part of the reconciliation process, will revert to their unmatched status before the reconciliation.

· If the SP reconciliation process is undertaken later than scheduled (i.e. after the event has started) and Betfair determines that a material event has occurred (this will generally mean that the event is not turned in-play), the SP will be determined based solely on SP bets (and ‘At In-play: Take SP’ bets which are unmatched when Betfair suspends the relevant market), placed before the 'off'. This means that ‘At In-play: Take SP’ bets matched after the off, will be made void and not included in the reconciliation process. In addition SP bets placed after the 'off' will be voided. However, if the SP reconciliation process is undertaken later than scheduled but Betfair determines that no material event has occurred, all bets will stand.

· If a Betfair SP 'each way' option is offered this will be processed as two separate bets: a win bet at SP and a 'to be placed' bet at SP.

10.1 Party against whom you are betting at Betfair SP

· When you place a bet at SP you are betting with a company within the Betfair group licensed to take bets as counterparty.

10.2 Placing a Betfair SP bet

· Selecting the 'SP' button in the market view gives customers two different ways to request an SP bet. These are as follows:

· The first way to request a bet at SP is by leaving the 'Set SP odds limit' box unticked at the top right of the bet manager. For a back bet you are required to enter the stake you wish to bet on the selection. For a lay bet you are required to enter the liability you are prepared to risk against the selection – in other words the amount that you are prepared to lose, should the selection win (or be placed as applicable).

· The second way to request a bet at SP is to select the 'Set SP odds limit' option. Using this you can request a bet at SP conditional upon minimum SP odds in the case of a back bet, or maximum SP odds in the case of a lay bet. If Betfair's SP is shorter than the minimum price requested by a backer or is longer than the maximum price requested by a layer, then the relevant bet will lapse when the event starts. If Betfair's SP is longer than the minimum price requested by a backer or is shorter than the maximum price requested by a layer, the bet will be matched at the SP. Where an SP is equal to the price limit specified by customers, those bets will be included based on the time they were submitted, on a first come, first served basis as is the existing convention for exchange bets. This means that such bets may be unmatched or partially matched.

· Please note that if a non-runner cannot be removed by Betfair from the relevant market until after the completion of the event, the application to all bets matched before the "off" (including SP bets) of any reduction factor, may mean that the matched price for an SP back bet with an odds limit requested, is adjusted to a price below the lower limit requested.

· If an SP bet with an odds limit is requested, the minimum/maximum odds requested can be shortened in the case of a back bet or a lengthened in the case of a lay bet at any time before the event starts. However, as mentioned above, an SP bet request cannot actually be cancelled by a customer once it has been placed. Details of the impact of non-runners on the Betfair SP are provided below.

10.3 Exchange bets which are unmatched at the 'off'

· An exchange bet is a normal bet placed by choosing the odds of your selection from the market view (as opposed to clicking on the 'SP' of your selection). When an exchange bet is fully or partially unmatched it can be adjusted and cancelled in the normal course. Previously, unmatched bets were automatically cancelled when a market was suspended at the 'off' of the relevant event. You can now choose to either have your unmatched exchange bet convert to an SP bet when the market suspends at the start of the event, or to have the bet 'persist' when the event goes in-play (see the 'keep' option below).

· In order to convert your unmatched exchange bet to an SP bet when the market suspends you should select the 'At In-Play: Take SP' option in the bet manager. If there is a non-runner in a win market with a reduction factor of at least 2.5%, or a non-runner in a place market with a reduction factor of at least 4%, it is Betfair's policy to cancel unmatched lay bets on all other runners in the market. In the case of any such non-runner, a lay bet for which the 'At In-Play: Take SP' option has been selected, will automatically convert to an SP bet. After this conversion the bet cannot be cancelled. Otherwise, unlike an SP bet, you can choose to cancel an exchange bet once it has been placed, even if you have chosen for the bet to persist or to convert to an SP bet at the start of the event.

· If you choose to convert an unmatched exchange lay bet to an SP bet, the liability of your exchange lay bet will be converted into a liability for the SP bet. Your liability for that SP bet will never be more than the liability for the exchange bet you had specified. However, the amount you can win on the SP lay bet may differ from the amount you would have won had the exchange bet been matched, depending on the final SP.

10.4 Adjustments to SP bets for non-runners

· For SP back bets, Betfair will at no point amend either the stake or the odds requested by a customer, despite any non-runners or withdrawals. However customers who have selected the SP limit option can reduce the minimum SP odds they are prepared to accept on a selection.

· For SP lay bets on win markets, Betfair will reduce a customer's liability based on the reduction factor(s) of any non-runner(s) and the reduction factor of the runner on which the customer's bet has been placed. This is to ensure that the balance between the backers' stakes and the layers' liability reflects the revised market after the runner has been removed. For example if a horse with a 50% reduction factor becomes a non-runner, then another horse in the same market priced at about 5 (i.e. a reduction factor of 20%) will change to a price of about 2.5. Therefore the liability on a £200 lay bet on that runner will need to change to a liability of about £75 to ensure that a balancing back bet will have the same £50 stake. This is done by multiplying the liability by 37.5% (i.e. 100%-(50%/(100%-20%))).

· Where an SP lay bet in a win market has a maximum odds limit specified, this limit will be reduced by the reduction factor of any non-runner, if the non-runner has a reduction factor of at least 2.5%.

· For SP lay bets on place markets, Betfair will still reduce a customer's liability based on the reduction factor(s) of any non-runner(s) but the calculation will be slightly different, in line with the application of place market reduction factors. The liability will be reduced by the reduction factor of the removed runner. Where the lay bet on a place market has a maximum odds limit specified, the potential winnings on the bet (i.e. the odds – 1) will be reduced by the reduction factor of the removed runner.

· Where an SP lay bet in a place market has a maximum odds limit specified, this limit will be reduced by the reduction factor of any non-runner.

· SP lay bets will not be cancelled when there is a non-runner.

11 'KEEP' BETS OPTION

· For markets that are scheduled to be turned in-play at the 'off', a customer can request that an unmatched exchange bet should not be cancelled when the market is turned in-play. This is done by selecting the 'At In-Play: Keep' option in the bet manager (and confirming that request) and means that the unmatched bet persists when other unmatched bets are cancelled at the start of the event.

· As described above, when a non-runner is removed from a horseracing market it is Betfair's policy to cancel unmatched offers to lay all other horses in the market if the non-runner has a reduction factor of 2.5% or greater for win markets, or 4.0% or greater for place markets. In these circumstances offers to lay a horse with the 'At In-Play: Keep' option selected will not be cancelled. Instead the lay odds offered in place markets will be reduced in proportion with the reduction factors of any non-runner(s) and the same will apply in win markets providing the relevant non-runner has a reduction factor of at least 2.5%.

· In the event of a late withdrawal which Betfair deems a material runner, Betfair reserves the right to cancel ALL lay 'keep' bets before turning the market in-play, if it does not have time to remove the non-runner from the market. Separately Betfair reserves the right to remove a non-runner after completion of the race. In this case any 'keep' bet placed before the off and matched in-play will remain at the original selected price.

· Otherwise, in exceptional cases Betfair reserves the right to cancel 'keep' bets to protect customers, but the general principle is that at no point will a 'keep' bet be cancelled by Betfair unless it remains unmatched when the market is closed (for the final time) at the end of the event.

· For the avoidance of doubt this means that (for example) when a Material Event occurs in a soccer match and other unmatched bets are cancelled before the market is reopened, a keep bet will not be cancelled.

12. RULES FOR TOTE BETTING

· When you place a bet on the Australian Tote you are betting with Tote Tasmania through Betfair which is acting as agent for Tote Tasmania. When you make a bet on the Australian Tote you accept the terms and conditions of Tote Tasmania which are available at www.thetote.com.au.

· When you otherwise place a Tote bet on the Betfair platform (for example a UK or South African Tote bet), you are betting against Betfair as counterparty to your bet. Betfair will then strike a corresponding bet into the relevant Tote pool as applicable.

· A link to the rules which apply to Tote bets struck with Betfair as counterparty is provided within each of the relevant Tote betting pages on the Betfair website. If there is any conflict between those rules and either: the equivalent rules available on the relevant Tote website (for example on the UK Tote website in the case of UK Tote bets); or the equivalent rules applied by the relevant host racetrack, the rules on the relevant Tote website or applied by the relevant host racetrack, will prevail.

13. MISCELLANEOUS

· All references to time periods in the Betfair Rules relate to the time zone in which the event takes place. For example, a reference to the start time of a football match, relates to the local kick-off time.

· All information supplied by Betfair is done so in good faith. However, Betfair cannot accept liability for any errors or omissions in respect of any information, such as the posting of prices, runners, times, scores, results or general statistics.

· Betfair reserves the right to correct any obvious errors and shall take all reasonable steps to ensure markets are administered with integrity and transparency.

· If an incorrect team or competitor name is displayed (excluding minor spelling mistakes) or the incorrect number of teams, competitors or outcomes is displayed in any complete market or a market is otherwise loaded using incorrect information (for example the application of an incorrect exposure algorithm) or includes any obvious error, then Betfair reserves the right to suspend the market and (providing it acts reasonably) to void all bets matched on the market.

· Customers are responsible for ensuring that they satisfy themselves that the selection on which they place a bet is their intended selection. For example, in the case of a competitor bearing the same name as another individual not competing in the relevant event, the onus is on the customer to ensure that they know which competitor Betfair has loaded into the relevant market and to ensure that they are placing their bet on their chosen competitor.

· In the interests of maintaining integrity and fairness in the markets we may, at our sole and absolute discretion, decide to suspend betting on a market earlier than anticipated by the Betfair Rules and/or void certain bets or a market in its entirety.

· Betfair reserves the right to amend the Betfair Rules at any time. Any such revision will be binding and effective immediately on the posting of such rule changes on betfair.com and any markets loaded after the new Betfair Rules have been posted shall be governed by the new Betfair Rules.

· Betfair reserves the right to cancel unmatched bets to protect customers at any time.

· On the settlement of any market, amounts relating to winnings/losses on bets will be rounded to the nearest two decimal places. For example where an amount is £3.33333 the settlement amount will be £3.33. In the event that the amount ends in 0.5 it will be rounded up. On commission calculation, the amount shall be rounded to the nearest two decimal places. In the event that the amount ends in 0.5 it will be rounded up.

· By their nature Special Bets markets are unpredictable so should be treated with particular caution. Customers are responsible for managing their own positions at all times.

· The Betfair Rules have been prepared in various languages other than English for reference only. In the event of any differences between the English version and the non-English version, the English version shall prevail.

PART C - SPECIFIC SPORTS RULES

1. AMERICAN FOOTBALL

· All markets will be settled on the result including overtime unless stated otherwise in these Betfair American Football Rules or in the Market Information (e.g. the half time/full time market) or where the market has been unconditionally determined. If the game results in a tie after overtime all bets on the outright match winner market will be void.

· If a match does not start on the scheduled starting date and is not completed within three days of the scheduled completion date, all bets will be void except for those on markets which have been unconditionally determined.

· If a match starts but is later abandoned or postponed, then within three days of the scheduled start date:(a) at least 55 minutes of play must have elapsed; or (b) an official result must be 'called' by the relevant governing body; otherwise all bets will be void, except for those on markets which have been unconditionally determined. In those instances, if the scores are tied then all bets on the outright match winner market will be void.

· For 'Individual player' markets, bets shall be void on any player who does not start in any down during the match.

2. ATHLETICS

· Where there is a presentation ceremony, markets will be settled on the official result of the relevant governing body at the time of the ceremony, regardless of any subsequent disqualification or amendment to the result.

· If there is no presentation ceremony, outcomes will be determined in accordance with the official result of the relevant governing body, regardless of any subsequent disqualification or amendment to the result (except if an amendment is announced within 24 hours of the initial settlement of the relevant market in order to correct an error in reporting the result).

· Unless stated otherwise in the Market Information, if a track or field event is abandoned, cancelled or postponed and not completed within 7 days of the scheduled completion date, all bets will be void except for those on markets which have been unconditionally determined.

3. AUSTRALIAN RULES FOOTBALL

· Bets apply to regular time excluding overtime. However bets on "Finals" matches apply to regular time including overtime except for those on markets which have been unconditionally determined or as stated otherwise in the Market Information (e.g. half-time/full-time markets). If the game results in a tie, Betfair dead-heat rules apply to bets on the match odds market.

· If a match does not start on the scheduled starting date and is not completed within three days of the scheduled start date, all bets will be void except for those on markets which have been unconditionally determined.

· If a match starts but is abandoned or postponed before half-time and not completed within three days of the scheduled start date then the match shall be deemed to be a tie and settled on Betfair dead-heat rules. If a match starts but is abandoned or postponed in the second half and not completed within three days of the scheduled start date then the match shall be settled on the official result of the relevant governing body. In both instances, bets on the match odds market will be settled as set out above and all other bets will be void except for those on markets which have been unconditionally determined.

· All bets relating to any individual player will stand if they are listed in any 22 player squad on the match day, irrespective of whether they take any part in the match or not.

4. BASEBALL

· These Betfair Baseball Rules apply to Major League Baseball (MLB), World Baseball Classic and Japanese Baseball only. All other baseball, including Finnish Baseball for example, will be governed by the rules set out in the General Rules and the Market Information.

· If a match does not start on the scheduled starting date, all bets will be void.

· If an MLB match starts but is later abandoned or postponed and an official result is not declared within three days of the scheduled start date, all bets will be void, except for those on markets which have been unconditionally determined.

· If a Japanese Baseball match starts but is later abandoned or postponed and the match is not completed within three days of the scheduled start date, all bets will be void except for those on markets which have been unconditionally determined.

· All bets will include extra innings, unless otherwise stated in the Market Information.

· All bets on 'Total runs' or 'Run line' markets will be void unless there has been at least 9 innings completed (8 1/2 if the home team is ahead) except those on market which have been unconditionally determined.

· In "Listed" markets, bets will be void unless both named pitchers listed in the Betfair market start as pitchers in the first fielding innings for their respective teams.

5. BASKETBALL

· Bets will be settled on the result including overtime unless stated otherwise in the Market Information or where the market has been unconditionally determined or as set out in these Betfair Basketball rules.

· If a match does not start on the scheduled start date then all bets will be void.

· If a match starts but is later abandoned or postponed then, within three days of the scheduled start date, (a) at least 43 minutes of play must have elapsed in any NBA match or 35 minutes of play must have elapsed in any other match; or (b) an official result must be 'called' by the relevant governing body; otherwise all bets will be void, except for those on markets which have been unconditionally determined. In these instances, if the scores are tied then dead heat rules will apply to bets on the outright match winner market.

6. BOXING

· All individual bout markets will be settled according to the official result of the relevant governing body immediately after the end of the fight, regardless of any subsequent disqualification or amendment to the result (except if an amendment is announced within 24 hours of the initial settlement of the relevant market in order to correct an error in tallying the points or in order to correct an error in reporting the result).

· If a fight is abandoned, cancelled or postponed and not completed within three days of the scheduled start date, or a boxer is withdrawn or substituted before the first round bell, all bets will be void.

· If a boxer retires before the start of a round, fails to answer the bell, or is disqualified for any reason between rounds, the fight will be deemed to have finished at the end of the previous round.

· If one of the boxers is disqualified they will be deemed a loser.

· If the scheduled duration of the fight is altered in time or number of rounds after the loading of the relevant markets, then all bets will be void - with the exception of bets on match odds markets which will stand.

· If the scheduled venue is changed after the market has been loaded by Betfair so that the new venue is changed to a venue in a different country then all bets will be void. For all other changes to the scheduled venue bets will stand.

· If a fight is declared a 'no contest' then all bets will be void.

7. CRICKET

7.1 General

· If the official result is a tied match and there is no such eventuality offered in the market, all bets on match odds markets will be void.

· If a ball is not bowled during a competition, series or match then all bets will be void except for those on any market that has been unconditionally determined (e.g. in the 'Completed Match' market).

· If a match is shortened by weather, all bets will be settled according to the official result (including for limited overs matches, the result determined by the Duckworth Lewis method).

· In the event of a match being decided by a bowl-off or toss of the coin, all bets will be void except for those on markets that have been unconditionally determined.

7.2 Test matches

· If a match starts but is later abandoned for any reason other than weather (which may include but is not limited to: dangerous or unplayable wicket or outfield; pitch vandalism; strike or boycott; crowd protests/violence; stadium damage; acts of terrorism; and acts of God), Betfair reserves the right to void all bets, except for those on markets that have been unconditionally determined.

· If the match is not scheduled to be completed within five days after the original scheduled completion date, then all bets on markets for this event will be void, except for bets on any markets that have been unconditionally determined.

· In any test match if less than 20 overs have been bowled in an innings then bets on 'innings runs' markets will be void unless the market has been unconditionally determined (e.g. if a team is all out within 20 overs).

7.3 Limited Over matches

· If a match is declared "No Result'', bets will be void on all markets for the event except for those markets which have been unconditionally determined or where the minimum number of overs have been bowled as laid out in the market specific information.

· Where the Duckworth Lewis method is used all bets matched on 'Highest 10 over Total' and 'Opening Partnership' will be void, unless the market has been unconditionally determined before the Duckworth Lewis rule was implemented. All other markets will be settled according to the result determined under the Duckworth Lewis method.

· In the event of a new toss taking place on a scheduled reserve day for a limited overs match all bets that were placed after 45 minutes before the original scheduled start of play on the first day will be made void. This rule relates to all markets except those that have been unconditionally determined (e.g. in the win the toss and toss combination markets).

7.4 Batsmen markets

· If any player named in any 'Top Team Batsman' market is not chosen in the starting XI (or selected as a named substitute in "super-sub" matches) all bets in that market will be void. If any player chosen in the starting XI (or selected as a named substitute in "super-sub" matches) does not bat, he will be deemed to have scored zero.

· At least one ball must be bowled while a batsman is in bat (facing or not) for 'individual batsman runs' bets to stand.

· If any player retires and does not resume his innings his score will stand.

8. CYCLING

9. DARTS

· In the event of a match starting but not being completed, the player progressing to the next round will be deemed the winner (or in the case of the final the player declared the winner).

· If a match is not completed for any reason then bets on 'any correct score' or 'next leg/game/set' market will be void unless the market has been unconditionally determined.

· If a match is not completed for any reason then bets on any handicap market will be void unless the market has been unconditionally determined.

10. FINANCIAL MARKETS

10.1 Indices

· Intraday, Midday and PM markets will be settled on the first Bloomberg price stamp past the market closure time regardless of any subsequent amendment to the result (except if an amendment is announced within 24 hours of the initial settlement of the relevant market in order to correct an error in reporting the result).

· All Daily markets, weekly markets and end of day Intraday markets will be settled on the official close price following any relevant auction period regardless of any subsequent amendment to the result (except if an amendment is announced within 24 hours of the initial settlement of the relevant market in order to correct an error in reporting the result).

10.2 Equities

· All equity markets will be settled on the official close price given by Bloomberg regardless of any subsequent amendment to the result (except if an amendment is announced within 24 hours of the initial settlement of the relevant market in order to correct an error in reporting the result).

· Should a share split be announced, the market will be determined by the net change in value of the new share price at the close of the days trading.

10.3 Interest Rates

· Interest rate markets will be settled once the result is known to Betfair regardless of any subsequent amendment to the result (except if an amendment is announced within 24 hours of the initial settlement of the relevant market in order to correct an error in reporting the result).

10.4 House Prices

· For settlement purposes the Standardised Average Price (seasonally adjusted) provided by HBOS will be used and markets will be settled once the result is known to Betfair regardless of any subsequent amendment to the result (except if an amendment is announced within 24 hours of the initial settlement of the relevant market in order to correct an error in reporting the result).

· Betfair will only use prices provided by HBOS. If the HBOS figures are discontinued or not available for any relevant period then all bets will be void unless stated otherwise in the Market Information.

· All Quarterly markets may be incomplete markets and therefore additional "runners" may be added at any time to reflect the movements in house prices.

10.5 Currency markets

· All Currency markets will be settled using the first Spot price given by Bloomberg past the market closure time regardless of any subsequent amendment to the result (except if an amendment is announced within 24 hours of the initial settlement of the relevant market in order to correct an error in reporting the result).

11. GOLF

11.1 General

· Tournament bets will only be settled if the minimum number of holes stipulated in the Market Information has been completed.

· If a player does not start a tournament then all bets on that player will be void.

· Any player starting a tournament but withdrawing or being disqualified before the end of the tournament will be settled as a loser.

· If a tournament is shortened and Betfair settles the tournament markets then all bets matched after the last completed round will be void.

· In any 'to qualify' market for any tournament the winners are the number of golfers that qualify for the tournament under the terms set out in the Market Information, whether they compete in the tournament or not. Markets will be settled after the qualifying stage and any subsequent disqualification or amendment to results will not count.

11.2 Tournament match betting (i.e. 72 hole match bets)

· If a player withdraws without playing a stroke all bets on the relevant market will be void.

· If all players fail to complete a particular round for any reason the winner is the player with the lowest total score after the previous round.

· If a player is disqualified or withdraws during any round they will be settled as a loser providing at least one other player completes that round.

· Should all players fail to complete the first round then all bets will be void.

11.3 Round betting markets (e.g. 2 balls, 3 balls etc)

· If a player withdraws without playing a stroke in that round all bets on the relevant market will be void.

· If one player fails to complete a round for any reason other than a withdrawal or disqualification then all bets will be void except for those on markets which have been unconditionally determined.

· Any player withdrawing or being disqualified having played a stroke in that round will be settled as a loser providing at least one other player completes that round.

· Should all players fail to complete the round then all bets will be void.

11.4 Strokeplay hole-by-hole markets (i.e. performance of a named player on a given hole)

· Should a hole not be completed for any reason all bets on that hole will be void unless the market has been unconditionally determined.

· Markets are settled on completion of the hole and any subsequent penalties or disqualification will not be taken into account.

11.5 Matchplay hole-by-hole markets (i.e. performance of players against each other on a given hole)

· With the exception of a player or team conceding a hole (where they are deemed a loser), if a hole is not completed by any player or team (other than for withdrawal or disqualification) all bets on that hole will be void unless the market has been unconditionally determined.

· Any player or team withdrawing or being disqualified having played a stroke on that hole will be settled as a loser providing at least one other player completes that hole.

· If any player or team does not play a stroke on a hole all bets will be void.

· Markets are settled on completion of the hole and any subsequent penalties or disqualification will not be taken into account.

12. GREYHOUND RACING

12.1 General

· All bets (excluding those struck on ante-post and Australian licensed markets) are placed on trap numbers. Greyhound names are displayed for information purposes only.

· Markets will be determined according to the official result at the time the track gives the result green light status, either in the form of an announcement or by display. Subsequent disqualifications, appeals or amendments to the result will be disregarded.

· If a non-runner or reserve runner is declared then all bets matched on the race prior to the update of the market on Betfair will be void.

· If there are no finishers in any race or any race is declared void before the official result is declared then all bets will be void.

· If the scheduled venue is changed after the market has been loaded by Betfair, all bets will be void.

· In ante-post markets, all bets on individual greyhounds stand whether the greyhound runs or not. All ante-post bets will be void if the competition is abandoned or the venue is changed.

12.2 Trap Challenge

· Bets on 'Trap challenge' markets are based on which trap results in the most winners during a race meeting, unless stated otherwise in the Market Information.

· These markets are unaffected by any changes due to non-runners or reserve runners.

· If a race results in a dead heat each trap will receive a half-win, with a 3-way dead heat giving a one third-win, and so on.

· Standard dead heat rules apply if two or more traps have an equal number of winners at the end of both meetings.

· If a whole meeting is abandoned all bets are void. However if at least one race has been completed then bets on these markets will stand.

12.3 Multi-trap or Multiplied Trap Numbers

· 'Multi-trap' or 'multiplied trap numbers' bets are on the cumulative sum of the winning trap multiplied by the second trap for each race during a race meeting, unless stated otherwise in the Market Information. If the cumulative sum is not a round number then that sum shall be rounded up to give the applicable cumulative sum.

· These markets are unaffected by any changes due to non-runners or reserve runners.

· If a race is cancelled, void or abandoned or if there is only one finisher in a race, eight-greyhound races will be allocated 20 points and all other races will be allocated 12 points.

· If a whole meeting is abandoned all bets are void however if at least one race has been completed then bets on these markets will stand with the remaining races allocated 20 points for eight-greyhound races and 12 points for all other races.

· Re-run races will be treated as cancelled races.

· If there is a dead heat for the winner between two greyhounds then to calculate the applicable multi-trap number for that race the trap numbers for the greyhounds involved in the dead heat will be multiplied by each other to give the applicable multi-trap number.

· If there is a dead heat for the winner between three or more greyhounds then to calculate the applicable multi-trap number for that race the trap numbers for the greyhounds involved in the dead heat will be added up and divided by the number of greyhounds involved in the dead heat and the resulting number will be multiplied by itself to give the applicable multi-trap number (even if not a round number). By way of example: traps 1, 3 and 6 dead heat for first. Add these numbers up gives 10; divide this number by the number of greyhounds in the dead heat (3) which gives a resulting number of 3.33; multiply 3.33 by itself to give 11.11.

· If there is a dead heat for the runner up between two or more greyhounds then to calculate the applicable multi-trap number for that race the trap numbers for the greyhounds involved in the dead heat will be added up and divided by the number of greyhounds involved in the dead heat and the resulting number will be multiplied by the number of the winner to give the applicable multi-trap number (even if not a round number). By way of example: trap 1 wins and traps 3 and 6 dead heat for second. Adding the numbers of the dead heating runners up gives 9; divide this number by the number of greyhounds in the dead heat (2) which gives a resulting number of 4.5; multiple 4.5 by the winning number (1) to give 4.5.

12.4 Winning Distances

· 'Winning distances' bets are on the sum of the winning distances for all races during a race meeting, unless otherwise stated in the Market Information.

· The maximum winning distance in any race is 10 lengths.

· If there is only one finisher in any race the winning distance will be deemed to be 10 lengths.

· If a race is cancelled, void or abandoned the winning distance will be deemed to be 2 lengths.

· Re-run races will be treated as cancelled races.

· For distances below half a length, the following scale will be applied: Short-head 0.1; Head 0.2; Neck 0.3.

· The sum of all the winning distances will be rounded to the nearest whole number at the end of the meeting (rounded up, if half) and bets will be settled on this result.

· If a whole meeting is abandoned all bets are void. However if at least one race has been completed then the remaining races are allocated 2 lengths each and bets will stand.

12.5 Match Bets

· 'Match Bets' for a race are determined by the greyhound with the highest finishing position in that race. If neither greyhound finishes the race bets are void. If only one of the greyhounds finishes the race, that greyhound will be deemed the winner. If a non-runner or reserve runner is declared then all bets will be void.

· 'Match Bets' for progress in a competition are determined by the greyhound which qualifies to the furthest round (whether it runs in the further round or not). If the greyhounds concerned fail to qualify in the same round of the competition then the market will be settled as a dead heat, irrespective of their finishing positions in their individual heats.

12.6 Reverse Forecasts

· 'Reverse Forecast' markets are determined by those greyhounds placed first and second in a race.

· If a dead heat affects the reverse forecast then Betfair dead heat rules apply.

12.7 Place markets

· The number of winners in 'to be placed' markets is as set out in the Market Information and is determined with reference to the number of runners known to Betfair when the market is loaded.

· Once opened, the number of winners in 'to be placed' markets (as set out in the Market Information) will not be affected by further non-runners. If the number of potential winners is equal to or is greater than the number of runners, all bets in this market will be void.

12.8 To Reach the Final and To Qualify markets

· 'Reach the Final' markets shall be determined by the first six greyhounds who qualify from the Semi Finals of the competition and be settled as such regardless of whether they go on to run in the final or not.

· 'To qualify' markets shall be determined by the greyhounds that qualify in the relevant heats irrespective of whether they run in the next round or not.

· The 'reach the final' or 'to qualify' markets will be settled after the qualifying stages and any subsequent disqualification or amendment to results will not count.

12.9 Ante-post

· If a greyhound listed in an ante-post market dies, Betfair will use the available information to determine the time of the greyhound's death. Betfair will then, acting reasonably, determine whether the greyhound was a 'material runner' in the market. In determining whether a greyhound is a material runner, Betfair will look at the general price of the greyhound immediately before the greyhound's death, in the Betfair market and in the wider betting market. Broadly, Betfair will consider a greyhound to be a material runner if it is deemed to have an approximate chance of winning of 8-10 per cent or better.

· If Betfair determines that the greyhound was a 'material runner', then all bets struck in the market (on all selections) between the time of death and the suspension of the market will be void and all unmatched bets will be cancelled before the market is reopened.

· If Betfair determines that the greyhound was not a 'material runner', then just bets struck on the greyhound in question between the time of death and the suspension of the market will be void and unmatched bets will not be cancelled before the market is reopened.

· Bets matched on greyhounds after they have forfeited their entry at a particular entry stage or where they have not qualified by the applicable qualifying date will be voided unless the race in question has a subsequent supplementary entry stage.

· Where an event is postponed or rescheduled to another day at the same venue then ante-post bets will stand unless entries are reopened in which case all bets will be void.

13. HORSERACING

13.1 General

· All individual race markets will be determined according to the official result at the time of the 'weigh-in' announcement (or equivalent). Subsequent disqualifications, appeals or amendments to the result will be disregarded.

· If a race is abandoned or otherwise declared void, or in the event of a walkover, all bets on that race will be void.

· If the scheduled venue is changed after the market has been loaded by Betfair, all bets will be void.

· Where a race is postponed and does not take part on its scheduled day, all bets will be void.

· If a scheduled surface type is changed (e.g. turf to dirt) all bets will stand.

13.2 Ante-post

· Subject to the points below, in ante-post markets, all bets on an individual horse stand whether the horse runs or not.

· For GB and Irish racing: if a horse is balloted out, all bets on that horse will be void.

· If a horse listed in an ante-post market dies, Betfair will use the available information to determine the time of the horse's death. Betfair will then, acting reasonably, determine whether the horse was a 'material runner' in the market. Betfair will undertake a similar determination in cases where it is advised through official channels that a runner has been formally scratched from an ante-post race. In determining whether a horse is a material runner, Betfair will consider the general price of the horse immediately before the horse's death (or immediately before being advised it has been scratched), in the Betfair market and in the wider betting market. Broadly, Betfair will consider a horse to be a material runner if it is deemed to have an approximate chance of winning of 8-10 per cent or better.

· If Betfair determines that the horse was a 'material runner', then all bets struck in the market (on all selections) between the time of death (or the time that the formal scratching notification was created) and the suspension of the market will be void and all unmatched bets will be cancelled before the market is reopened.

· If Betfair determines that the horse was not a 'material runner', then just bets struck on the horse in question between the time of death (or the time that the formal scratching notification was created) and the suspension of the market will be void and unmatched bets will not be cancelled before the market is reopened.

· Bets matched on horses after they have forfeited their entry at a particular entry stage or where they have not qualified by the applicable qualifying date will be voided unless the race in question has a subsequent supplementary entry stage.

· If a race has a supplementary entry stage, horses will not be removed from the market until the date of that supplementary entry stage (even if they have not been entered for the race,have forfeited their entry at an earlier entry/forfeit stage or have been scratched).

· No 'Betfair Non-Runner Rule' reductions are made to ante-post bets.

· Where an event is postponed or rescheduled to another day at the same venue then ante-post bets will stand unless entries are reopened in which case all bets will be void.

13.3 Place Terms

· The number of winners in 'to be placed' markets is as set out in the Market Information and is determined with reference to the number of runners known to Betfair when the market is loaded.

· Once opened, the number of winners in 'to be placed' markets will not be affected by further non-runners.

· If the number of winners stated in the Market Information is equal to or is greater than the number of runners, all bets in this market will be void.

· If the number of placed horses is less than the number of potential winners listed in the Market Information, the winners will only be the placed horse or horses.

13.4 Winning Distance Bets

· Unless stated otherwise in the Market Information, winning distances' bets are on the sum of the winning distances from each race on one particular day at a race meeting.

· The winning distance in a race will be the officially declared distance between the first two horses past the post. However if either the first or second horse past the post is disqualified because: (i) of an incorrect weight carried; (ii) they have taken the wrong course; (iii) the jockey of either horse fails to weigh in, or weighs in light after the race; then in each case the winning distance shall be that between the first and second horse under the official result.

· For the purpose of this bet, the maximum distance on any individual race will be 12 lengths for Flat races and 30 lengths for National Hunt races (which includes National Hunt Flat Races) and these distances will be applied where only one horse finishes a race. For distances below half a length, the following scale will be applied:

· Nose: 0.05 length

· Short-head: 0.1

· Head: 0.2

· Short-neck: 0.25

· Neck: 0.3

· If a meeting has three or more races abandoned or declared void, then all 'winning distance' bets will be void.

· When only one or two races are abandoned or declared void, then 'winning distance' bets will be settled with a default distance used for each abandoned or void race. The default distances are 2 lengths for Flat races and 10 lengths for National Hunt races.

· In the case of a walkover the following distances will be applied:

· Flat: 5 lengths

· National Hunt: 12 lengths

13.5 Betfair Non-Runner Rule

· Betfair's non-runner rule relates to the adjustment of odds on bets already matched when a horse in a race is declared a non-runner. In order to make the adjustment Betfair applies a reduction factor to the remaining runners. The reduction factor allocated to a non-runner is a calculation (the details of which are described below) of that horse's chances of winning (or being placed, etc as appropriate) and is applied to bets already matched on the other runners in the relevant market or markets.

· Any horse listed when the relevant market is loaded which does not subsequently come under starter's orders is deemed to be a non-runner.

· When the market is loaded each horse is given a 'reduction factor', based on a forecast price, which is expressed as a percentage. These reduction factors may be updated periodically at the discretion of Betfair based on trading in the market, but after approximately 15 minutes (approximately 5 minutes for Australian markets) from the scheduled 'off' time of a given race, they will be updated only in exceptional circumstances. The current reduction factor percentage for each horse can be viewed on the 'info' page on the Betfair website or by asking the Helpdesk.

· Reductions will be made to both win and place markets but applied differently (as described below), and horses will have a different reduction factor for each market.

· As soon as Betfair becomes aware that a horse is a confirmed non-runner, the following will happen:

· All matched bets on that horse will be void and the horse will be removed from the market.

· In the win market: if the reduction factor of the non-runner is 2.5% or greater, the traded price of all the matched bets on the remaining horses will be reduced by an amount equal to the non-runner's final reduction factor and all the unmatched offers to lay will be cancelled. If the non-runner's reduction factor is less than 2.5%, reductions will not be applied and unmatched bets will not be cancelled.

· In the place market the reduction factor of all non-runners will be applied (even if less than 2.5%) and the potential winnings in relation to matched bets on the remaining horses will be reduced by an amount equal to the non-runner's final reduction factor. Only if the non-runner's reduction factor is 4.0% or greater will all the unmatched offers to lay be cancelled.

· All the reduction factors on the remaining horses will be adjusted to reflect their improved chance of winning.

· Reduction factors are not applied to bets which are struck in-play. However, if a market is turned in-play prematurely by error (or, for example, there is a false start), all bets matched during this time will be subject to any later reduction factor, provided the market is turned out of play before the race commences. In the event of a late withdrawal, Betfair reserves the right to remove the runner after completion of the race. In this case only those bets matched prior to the off will be affected by a reduction factor.

· In the event of a non-runner being removed from a race in error, Betfair will reinstate both the runner and all previously matched bets associated with that runner. All bets made between the time of withdrawal and reinstatement will be void in both the place market and the win market. The reduction factor applied to matched bets at the time of withdrawal will be reversed and the original prices will become valid.

· Any non-runners will be removed from the relevant markets in the order in which they are brought to Betfair's attention. If Betfair becomes aware of more than one non-runner at the same time, it will remove the non-runners from the relevant markets in racecard order.

13.6 How the Reductions are applied

· In the win market, reductions will be made on the traded price.

· For example: if the non-runner's final reduction factor is 25% the traded price on all previously matched bets on other horses will be reduced by 25% - traded price of 8.0 would become 6.0 etc. And these might be further reduced if another horse is subsequently declared a non-runner.

· In the place market, reductions will be made to the potential winnings on the bet only, and not the traded price.

· For example: if the non-runner's final reduction factor is 25% the potential winnings on all previously matched bets on the other horses will be reduced by 25% - a traded price of 8.0 would become 6.25. For example a £10 bet on a horse to be placed at a traded price of 8.0 would provide winnings of £70. If there is a non-runner with a reduction factor of 25% in the race, that factor will be applied to the £70 of potential winnings leaving potential winnings of £52.50. Therefore the revised traded price will be 6.25.

· The traded price may be further reduced if any other horse(s) is subsequently declared a non-runner, however odds cannot be reduced below 1.01.

· Reserves: A reserve runner may appear in the relevant markets but will have a non-applicable reduction factor until Betfair has received confirmation that it is a confirmed runner, in which case an applicable reduction factor may apply to it.

· For the avoidance of doubt, any reduction factor applicable to a non-runner replaced by a reserve, will be applied to all bets struck on the relevant markets, prior to the removal from those markets of such non-runner by Betfair. Likewise, should a reserve runner become a confirmed runner but subsequently become a non-runner, any reduction factor applicable to such non-runner will be applied to all bets struck on the relevant markets, prior to the removal from those markets of such non-runner by Betfair.

13.7 Additional rules

· Card numbers are posted as a guide only: bets are placed on a named horse.

· Horses will not be coupled.

· Where any horse(s) runs for purse money only it is deemed a non-runner for betting purposes. Should this result in the number of possible winners stated in the relevant Market Information being equal to or greater than the number of runners in the relevant Betfair market, all bets in the market will be void.

13.8 Rules applicable to UK Tote bets

13.8.1. INTRODUCTION

· (a) All UK Tote (sometime referred to in this document as 'totepool') bets are 'pool' or 'pari-mutuel' type bets whereby the winning return is calculated by reference to the amount of money staked in the pool and the eventual number of winning bets.

· (b) Betfair reserves the right to offer some or all of the totepool bet types described below.

· (c) Bets are void on horses declared as non-runners before coming under Starters Orders on all single-leg bets. For multi-leg bets, non-runners are normally transferred onto the favourite, subject to the details below.

13.8.2. TOTEPOOL BETTING

Subject to the following conditions and to any notices displayed on the Betfair website or the UK Tote's website, bets will be accepted for horses by their racecard numbers. If the official number is misprinted in the racecard, then the number declared by the racecourse will take precedence. In the event of any dispute arising from horse names and/or numbers, all bets will be settled on the horse number as printed on the betting receipt. The policy in regard to reserve horses will be as advertised by totepool on the day.

13.8.3. POOLS AND DEDUCTIONS

From the total amount staked, each pool is subject to a deduction as follows:

· Totewin Deduction 13.5% Net Pool=86.5% of stakes

· Toteplace Deduction 18% Net Pool=82% of stakes

· Toteexacta Deduction 26% Net Pool=74% of stakes

· Totejackpot Deduction 29% Net Pool=71% of stakes

· Toteplacepot Deduction 27% Net Pool=73% of stakes

· Totequadpot Deduction 26% Net Pool=74% of stakes

· Totetrifecta Deduction 26% Net Pool=74% of stakes

· Toteswinger Deduction 26% Net Pool=74% of stakes

· Totescoop6 Deduction 30% from each pool Net Pool= 70% of stakes

· Totesuper7 Deduction 30% from each pool Net Pool= 70% of stakes

13.8.4. STAKES, TOTEPOOL UNITS AND DIVIDENDS

· (a) The minimum cash stake for totewin, toteplace, toteexacta, totescoop6, totesuper7, toteswinger and totetrifecta pools is £2. Provided a minimum of £2 is spent then permutations in stake units of 50p and £1 will be accepted for toteswinger. Provided a minimum of £2 is spent then permutations in stake units of 10p, 20p, 30p, 40p, 50p and £1 will be accepted for toteexacta and totetrifecta.

· (b) The minimum cash stake for totequadpot and toteplacepot is £1. Provided a minimum of £1 is spent then permutations in stake units of 10p, 20p, 25p, 30p, 40p and 50p will be accepted for totequadpot and toteplacepot.

· (c) The minimum cash stake for totejackpot is also £1. Provided a minimum of £1 is spent then permutations in stake units of 50p will be accepted for totejackpot.

· (d) Dividends are calculated by dividing the net pool or portion thereof by the stakes on the winners, placed horses or toteexacta/ totetrifecta combinations. Holders of winning tickets are paid in proportion to their stakes.

· (e) For all totepool pools except totescoop6 (see Rule 13.8.13(iii )(c)) dividends are calculated to a £1 stake and rounded down to the nearest 10p. The minimum dividend will be £1.10 except that in the totewin pool, if the calculated dividend is 90p or below, the minimum totewin dividend will be £1.05 and in the toteplace pool or toteswinger pool, if the calculated dividend is 70p or below, the minimum dividend will be £1.02.

· (f) In the case of dead heats the minimum dividends will be 60p for totewin, toteexacta and totetrifecta and 50p for a toteplace.

· (g) In relation to toteswinger bets in the case of a dead heat between two horses for 1st place (with no dead heat for third) or three horses for 1st place or a dead heat between two horses for 2nd place, the minimum dividend for any pairing will be £1.02. In the case of a dead heat for third place the minimum dividend for the first and second pairing will be £1.02 and for any combination containing the 3rd placed horses, the minimum dividend will be 50p. In the case of any other type of dead heat involving the 1st, 2nd or 3rd horses the minimum dividend for any combination will be 50p.

13.8.5. TOTEWIN POOL

A totewin pool is operated for all races unless otherwise announced. Should the winner be unbacked or part backed the pool or part pool will be carried forward to the next appropriate totewin pool as decided by totepool.

13.8.6. TOTEPLACE POOL

· (a) In races of 5 or more runners, bets are accepted for horses to be placed as follows:

No. of Runners	Places	Portion of Net Pool
5, 6 or 7	1st & 2nd	50% to each
8 or more	1st, 2nd & 3rd	33 1/3% to each
Handicaps of 16 or more	1st, 2nd, 3rd& 4th	25% to each
Should the number of runners fall below 5, the pool will be declared void and all stakes refunded.

· (b) Place dividends are calculated by dividing the net pool by the number of placed horses, i.e. 1, 2, 3 or 4. Each equal part of the net pool is then divided by the stakes on the placed horse and bets are paid in proportion to their stakes. If, for any reason, the calculated place dividend on any horse falls below 70p, money will be taken from the net pool on the remaining placed horses in equal shares to ensure that the minimum calculated dividend on any placed horse is not less than 70p. The balance of the net pool will then be divided equally amongst the other placed horses.

· (c) Should a placed horse be unbacked or part backed, the amount of the net pool assigned to that placed horse will be divided in equal proportion between the remaining placed horses which have been fully backed. Should none of the placed horses be backed, the pool will be carried forward to the next appropriate toteplace pool as decided by totepool. Should none of the placed horses be fully backed, the part pool will be carried forward to the next appropriate toteplace pool as decided by totepool.

13.8.7. TOTEEXACTA POOLS

· (a) In races of three or more runners, bets are accepted for selecting the winner and second horse in the correct order. Should the number of runners fall below three, the pool will be declared void and all stakes refunded.

· (b) If the winner and second horse in the correct order is not backed, the pool will be carried forward to the next appropriate toteexacta race as decided by totepool. If the pool is part won, the balance of the pool will be carried forward to the next appropriate toteexacta race as decided by totepool.

· (c) If a horse finishes alone, the dividend will be paid on that horse with any other runner.

13.8.8. TOTESWINGER

13.8.8(i) General

· (a) Toteswinger pool requires customers to select two horses to finish in the first three places, regardless of the order in which they are placed.

· (b) Toteswinger only involves horses deemed to have filled the first three places, even in handicap races of 16 or more runners.

13.8.8(ii) Dividends

The net toteswinger pool will be divided into equal parts and those parts subsequently divided by the number of units bet on the winning two of the first three combinations:

· Pair one: 1^st and 2^nd (including reversed 2^nd and 1^st) = Dividend

· Pair two: 1^st and 3^rd (including reversed 3^rd and 1^st) = Dividend

· Pair three:2^nd and 3^rd (including reversed 3^rd and 2^nd) = Dividend

13.8.8(iii) Numbers of Runners and/or Finishers

· (a) Toteswinger pool will operate on those races of 6 or more runners designated by totepool.

· (b) If the number of runners in a nominated toteswinger race is subsequently reduced to only 4 or 5 runners, dividends will only be paid in respect of the 1^st and 2^nd placed horses (including reversed 2^nd and 1^st).

· (c) If the number of runners in a nominated toteswinger race falls to less than 4, the pool will be declared void and stakes refunded.

· (d)If only 2 horses finish the race then a dividend will only be paid for the winning 1^st and 2^nd combination (including reversed 2^nd and 1^st).

· (e) If only one horse finishes, a dividend will be paid on any ticket containing that selection (i.e. the winning horse with any other runner).

· (f) If there is no winning toteswinger combination or if the pool is part won, the net pool (or the balance of the net pool) will be carried forward to the next appropriate toteswinger race as decided by totepool.

13.8.9 TOTEJACKPOT, TOTEPLACEPOT AND TOTEQUADPOT POOLS

· (a) The totejackpot and toteplacepot will operate on six consecutive races as decided by totepool, and the totequadpot will operate on four consecutive races as decided by totepool , at the racecourses indicated in the national and sporting press unless otherwise announced.

· (b) To qualify for a dividend in the totejackpot pool, the winners of all six races must be selected. To qualify for a dividend in the toteplacepot pool, a horse on which a toteplace dividend would normally be declared in all six races must be selected. To qualify for a dividend in the totequadpot pool, a horse on which a toteplace dividend would normally be declared in all four races must be selected. If because of insufficient runners in any race, a toteplace pool is not operated, then the winner only will be regarded as the qualifying placed horse.

· (c) If there is no outright winner of the totejackpot, toteplacepot and/or totequadpot the respective pools will be carried forward. If there is a part winner, the balance of the respective pool will be carried forward. Totejackpots are carried forward to the next totejackpot meeting as determined by totepool.

· (d) Toteplacepots and totequadpots are normally carried forward to the following day's meeting at the same racecourse. If none, to any other meeting as decided by totepool.

· (e) Completed entry forms accompanied by full stakes must be accepted into the system not later than 'the off' of the first leg.

· (f) Non-runners will be replaced in accordance with Rule 13.8.11(c).

· (g) Totejackpot bets are only accepted for the totejackpot race meeting of the day as determined by totepool.

13.8.10 TOTETRIFECTA POOL

· (a) In nominated races, bets are accepted for selecting the first, second and third horses in correct order.

· (b) If only two horses finish a totetrifecta race, the dividend will be declared on the first and second, in correct order, with any other runner. If only one horse finishes, the dividend will be declared on that horse with any other runner for second and any other runner for third.

· (c) If there are no winning combinations, then the pool will be carried forward to the next appropriate totetrifecta race as decided by totepool. If the pool is part won, the balance of the pool will be carried forward to the next appropriate totetrifecta race as decided by totepool.

· (d) If the field is reduced before coming under Starter's Orders to less than five, the pool will be refunded.

13.8.11 FAVOURITE INVESTMENT AND NON-RUNNERS

· (a) Bets 'stand' on horses which do not run after coming under Starter's Orders.

· (b) In the totewin, toteplace, toteexacta, and totetrifecta pools, bets are void on horses which become non-runners before coming under Starter's Orders and the stakes on such non-runners/combinations are refundable.

· (c) In the totejackpot, toteplacepot and totequadpot pools, nominated favourite and non-runner bets are not void but are replaced by the Starting Price (which term when used throughout these Rules is distinct from the Betfair SP) favourite . When there are joint favourites, the one with the lowest racecard number will be taken. Should the first favourite be withdrawn before coming under Starter's Orders but too late for the SP market to be reformed, the shortest returned price runner will be used, but should there be two or more runners at the shortest price, the one with the lowest racecard number will be taken. If there is no Starting Price returned, the first actual runner quoted in the Racing Post betting forecast will be substituted. If there is no betting forecast, then Rule 13.8.15(c) will apply.

· (d) If a race is declared VOID, the totejackpot, toteplacepot and totequadpot pools will be settled on the remaining legs. All other pools will be refunded.

· (e) Toteswinger unnamed selections (e.g. 'the favourite ') are not accepted. 'Floating Bankers' are allowed but limited to one per bet. A Floating Banker is one horse selected to come 1st, 2nd or 3rd along with two or more other horses selected to fill the other position.

· (f) Toteswinger bets on horses which become non-runners before coming under Starters Orders are void and any stakes on combinations including a non-runner will be refunded.

13.8.12 DEAD HEAT

· (a) Totewin pool – when two horses dead heat for first place, the net pool will be divided into two equal parts. One part will be divided by the stakes on one horse and the other part by stakes on the other horse and a dividend will be paid on each horse. The same principle applies if three or more horses dead heat for first place. Should any of the dead heating horses be unbacked or part-backed, then Rule 13.8.5 will apply to the unwon portion of the pool.

· (b) Toteplace pool – when two horses dead heat for first place they become first and second, if they dead heat for second place they become second and third; if they dead heat for second in a two-place betting pool, third in three-place betting or fourth in four-place betting, a dividend is paid on the dead heating horses. The amount of the pool allotted to these places is halved and each half is divided by the relevant stakes. The above method applies when 3 or more horses dead heat.

· (c) Toteexacta pool – when two horses dead heat for first place they will be deemed to have filled the first two positions thus resulting in two winning combinations. The net pool will be divided into two equal parts and one half will be divided by the stakes on one winning combination while the other half will be divided by the stakes on the other winning combination. The same principle applies if three or more horses dead heat for first place or if two or more horses dead heat for second place. Should a combination be unbacked, then the unwon portion of the pool will be carried forward in accordance with Rule 13.8.7(b).

· (d) Totejackpot, toteplacepot and totequadpot pools – dead heats for first place count as equal winners in the totejackpot . Dead heats for first and other places count as equal winners in the toteplacepot and totequadpot pools.

· (e) Totetrifecta pool – in the event of a dead heat or dead heats resulting in more than one winning combination, the net pool shall be divided into as many equal portions as there are possible winning combinations. Each portion shall then be divided by the winning stakes on the respective combination. Should any combination be unbacked, then the unwon portion of the pool will be carried forward to the next pool in accordance with Rule 13.8.10(c) ..

· (f) Toteswinger pool – the following shall apply:where two horses dead heat for 1st place, they shall be deemed to have filled 1st and 2nd places; where three horses dead heat for 1st place, they shall be deemed to have filled 1st, 2nd and 3rd places; where two horses dead heat for 2nd place, they shall be deemed to have filled 2nd and 3rd places; where two or more horses dead heat for 3rd place, the winning combinations will be 1st with any 3rd placed horse and 2nd with any 3rd placed horse, as well as 1st and 2nd. If there is a dead heat for 1st place, or a dead heat for 2nd place, the dividend will be calculated by apportioning the net pool in equal parts for each winning combination. Where there are 3rd place dead heats, one third of the pool will be apportioned to the combination for 1st and 2nd whilst the remainder of the net pool will be apportioned in equal parts to the remaining combinations. Dead heats involving more than three horses or for multiple places will be treated in a similar manner

13.8.13 TOTESCOOP6

13.8.13(i) General

· (a) Totescoop6 win/place funds will operate each Saturday on six races nominated by totepool (each such race being a "leg") at the racecourses indicated in the national and sporting press unless otherwise announced. The bonus race will be a race the following Saturday as nominated by totepool unless otherwise announced. From time to time, standalone totescoop6 pools may be run with separate arrangements - terms will be advertised in national and/or sporting press and/or on the totesport website.

· (b) Completed entries together with full stakes must be paid for and accepted into the system not later than the "the off" of the first leg.

13.8.13(ii) Stakes Allocation and Deduction

· (a) Stakes will be allocated to the three different funds as follows:

· (i) totescoop6 win fund; (ii) totescoop6 place fund; (iii) totescoop6 Bonus Prize Fund in the ratio of 7:4:3 respectively.

· (b) Following allocation, a deduction of 30% will be made from each fund.

13.8.13(iii) Stakes, Totepool Units and Dividends

· (a) The minimum stake will be £2. Permutation bets in units of £2 will be accepted.

· (b) Dividends for the totescoop6 win and totescoop6 place funds are calculated by dividing the appropriate portion of the net pool by the stakes on the winning combinations. Holders of winning tickets are paid in proportion to their stakes. The net pool for the Bonus Prize Fund will be shared proportionately by those selecting the winning horse in the bonus race.

· (c) All the dividends will be declared to the stake unit and rounded down to the nearest 10p.

· (d) The minimum dividend will be £1.10.

13.8.13(iv) TOTESCOOP6 WIN FUND

· (a) To win a dividend from the totescoop6 win fund, the winners of all of the day's nominated totescoop6 legs must be correctly selected.

· (b) If there is no outright winner of the totescoop6 win fund, the respective portion of the pool will be rolled over to the next totescoop6 win fund as decided by totepool.

· (c) Non-runners will be replaced according to Rule 13.8.13(vii).

13.8.13(v) TOTEPLACE FUND

· (a) To win a dividend from the totescoop6 place fund, a horse on which a toteplace dividend would normally be declared must be selected in all of the day's nominated totescoop6 legs.

· (b) If there is no outright winner of the totescoop6 place fund, the respective portion of the pool will be rolled over to the next totescoop6 win fund as decided by totepool.

· (c) Non-runners will be replaced according to Rule 13.8.13(vii).

· (d) If, because of insufficient runners in any race, a toteplace pool is not operated, then the winner only will be regarded as the qualifying placed horse.

13.8.13(vi) BONUS PRIZE FUND

· (a) Totescoop6 win fund winners who have correctly selected each of the winners of the six totescoop6 legs will qualify to register to compete in the Bonus Prize Fund.

· (b) Claimants must register directly with the UK Tote by calling the totescoop6 bonus race hotline on 0800 028 4418 (or such other number as announced by totepool in the national and sporting press) with their winning receipt, to register as bonus race qualifiers. Claimants should also state if they have more than one winning line, as they will be entitled to one entry per winning line. Deadline for registration is 6pm on the Thursday before Saturday's nominated Bonus Race. Failure to register will mean the claimant will not compete for the bonus prize fund.

· (c) The nominated bonus race will be announced by 12.30pm on the Friday before the bonus race. Registered qualifiers must call the bonus race hotline on the Saturday of the bonus race anytime from 9am up to one hour before the Bonus Race publicized "off-time". It is the registered qualifier's responsibility to register their selection (or selections if they have more than one winning line). Should no new selection be received within one hour of the publicized "off-time" of the Bonus race, registered qualifiers will be allocated the Starting Price favourite in accordance with Rules 13.8.11(c) or otherwise in accordance with rule 13.8.15(c)..

· (d) Qualifiers who register to play for the totescoop6 Bonus Prize Fund will be requested to agree to full media publicity.

· (e) A Bonus Prize Fund will operate only if all six legs of totescoop6 have been run the previous week.

· (f) If totescoop6 is decided on fewer than six legs, then the Bonus Prize Fund will not apply, and the day's Bonus Prize Fund stakes will be allocated between totescoop6 win and totescoop6 place Funds. (Excludes stakes brought forward in rollovers from previous week's Bonus Prize Funds, which will rollover directly to the following week's Bonus Prize Fund).

· (g) If there are no qualifiers for the Bonus Prize Fund, the fund will be rolled over to the next Bonus Race as decided by totepool.

· (h) If no one selects the winner of the Bonus Race, the Bonus Prize Fund will be rolled over to the next Bonus Race as decided by totepool.

· (i) In the event of the nominated Bonus Race not taking place for any reason, totepool reserves the right to nominate any future race on any day as the Bonus Race.

· (j) Should a Bonus Race selection be a non-runner, registered qualifiers will have the option to make a new selection on condition that no new selection can be made within 30 minutes of the publicised "off-time" of the Bonus Race. Should no new selections be received or should a selection become a non-runner within 30 minutes of the publicised "off-time" of the Bonus race, registered qualifiers nominating the non-runner will be allocated the SP favourite in accordance with Rules 13.8.11(c) and 13.8.15(c).

· (k) Payment will be made on the official result on the day, once the weighed in has been announced.

· (l) In the event of the Bonus race being a Void Race, all registered qualifiers will be entitled to make a selection in another Bonus race to be nominated by totepool.

· (m) In the event of a dead heat all horses dead heating for first will be deemed winners and the prize distributed proportionately.

13.8.13(vii) FAVOURITE INVESTMENT, NON-RUNNERS, VOID RACES-WIN/PLACE FUNDS

· (a) Bets stand on horses which do not run after coming under Starters Orders.

· (b) The nominated favourite will be the SP favourite. Non-runners bets will be replaced by the SP favourite. When there are joint favourites, the one with the lowest racecard number will be taken as the favourite . Should the first favourite be withdrawn before coming under Starter's Orders but too late for the SP market to be reformed, the shortest returned price runner will be used, but if there are two or more runners at the shortest price, the one with the lowest racecard number will be taken as the favourite. If there is no betting forecast, then the runner with the highest number of totewin pool units in the relevant race will be taken as the favourite. If two or more runners have equal number of totewin pool units, then the one with the lowest racecard number will be taken as favourite. If no totewin pool is operated, then the runner with the lowest Racecard number will be taken as the favourite.

· (c) If a race is declared void, totescoop6 will be settled on the remaining legs. Provided at least one leg of totescoop6 takes place, a totescoop6 Win and Place dividend will be declared, subject to these Rules. If no legs of totescoop6 are run, all bets will be refunded. This excludes stakes rolled over from previous totescoop6 Funds, which will be rolled over for use in future totescoop6 Funds as decided by the totepool.

13.8.13(viii) DEAD HEATS

· (a) Dead heats for first place count as equal winners in regard to the totescoop6 win and totescoop6 Bonus Prize Funds.

· (b) Dead heats for first and other places count as equal winners in the totescoop6 place fund.

13.8.14 TOTESUPER7

13.8.14(i) GENERAL

· (a) Totesuper7 funds will operate on days nominated by totepool (each such race being a "leg") at the racecourses indicated in the national and sporting press unless otherwise announced.

· (b) Completed entries together with full stakes must be paid for and accepted into the system not later than the "the off" of the first leg.

13.8.14(ii) STAKES ALLOCATION AND POOL DEDUCTION

· (a) Stakes will be divided and allocated to three different winning funds and a starting fund as follows:

· "All 7 winners": "Any 6 winners ": "Any 5 winners": "Starting fund" on a ratio of 38 : 28.5 : 28.5 : 5.

· (b) Following allocation, a deduction of 30% will be made from each of the three winning funds.

· (c) Each time the "All 7 winners" fund is won, the starting fund will be applied in its entirety to start the next totesuper7 "All 7 winners" fund.

· (d) If one or more of the nominated legs do not take place or run on the day scheduled for any reason, then the totesuper7 for that day will stand and the following percentages of the net pool (after deduction) will be used to determine the dividends:

· (i) 6 legs run:

· All 6 winners : Any 5 winners: Starting fund on a ratio of 66.5 : 28.5 : 5

· (ii) 5 legs or fewer run:

· All 5 winners: Starting fund on a ratio of 95 : 5

· (e) The allocation of 5% of the net pool to the Starting Fund will apply in all cases, providing at least one leg of totesuper7 takes place. If no legs of totesuper7 are run, all stakes will be refunded.

13.8.14(iii) STAKES, TOTEPOOL UNITS AND DIVIDENDS

· (a) The minimum stake will be £2. Permutation bets in units of £2 will be accepted. Bets accepted in other currencies through overseas third parties may cause the total pool units not to divide exactly by £2 dependant on prevailing exchange rates.

· (b) Dividends are calculated by dividing the appropriate portion of the net pool by the stakes on the winning combinations.

· (c) Holders of winning tickets are paid in proportion to their stakes.

· (d) Only one dividend is declared for each of the three winning funds.

· (e) All the dividends will be declared to the stake unit and rounded down to the nearest 10p. The minimum dividend will be £1.10.

13.8.14(iv) FAVOURITE INVESTMENT, NON-RUNNERS, VOID RACES, DEAD HEATS, NO LEGS

· (a) Bets stand on horses which do not run after coming under Starters Orders.

· (b) The nominated favourite will be the SP favourite. Non-runners that have not come under Starter's Orders will be replaced by the SP favourite. When there are joint favourites, the one with the lowest racecard number will be taken as the favourite. Should the first favourite be withdrawn before coming under Starter's Orders but too late for the SP market to be reformed, the shortest returned price runner will be used, but if there are two or more runners at the shortest price, the one with the lowest racecard number will be taken as the favourite. Should an SP not be returned, then the first runner in the Racing Post betting forecast will be used as the substitute. If there is no betting forecast, then the runner with the highest number of totewin pool units in the relevant race will be taken as the favourite. If two or more runners have equal number of totewin pool units, then the one with the lowest racecard number will be taken as favourite. If no totewin pool is operated, then the runner with the lowest Racecard number will be taken as the favourite. Bets placed on un-named favourites will be determined in the same way.

· (c) If a totesuper7 race is declared void or becomes a walkover, bets will be settled on the remaining legs. Void races or walkover races are deemed not to have taken place for totesuper7 purposes. Provided at least one leg of totesuper7 takes place, a totesuper7 dividend will be declared, subject to totepool rules. If no legs of totesuper7 are run, all stakes will be refunded.

· (d) Dead heats for first place count as equal winners.

· (e) If no legs of totesuper7 are run, all stakes will be refunded.

13.8.14(v) ROLLOVERS

· (a) If there are no winning tickets of any of the "All 7 winners", "Any 6 winners" or "Any 5 winners" funds, then the amounts in the funds will be carried forward to the next totesuper7 pool and added to the "All 7 winners" fund.

· (b) If the number of races falls below 5, any rollovers from previous totesuper7 pools will be carried forward in full to the next totesuper7 pool.

· (c) From time to time, standalone totesuper7 pools may be run with separate rollover arrangements. Terms will be advertised in national and/or sporting press and/or on the totesport website.

13.8.15 PAYMENT OF WINNINGS

When there is an objection or Steward's Enquiry which could affect the winner or placed horses, payment will not be made until the "weighed in". Otherwise payment is made at tote's discretion on winning tickets when the dividend is declared.

13.8.16 GENERAL

· (a) Subject to the preceding Rules and once the "weighed in" has been announced, the declared dividend will stand regardless of any subsequent alteration to the official result.

· (b) In the event of a failure, for whatever reason, which prevents the declaration of a dividend, stakes will be refundable.

· (c) In the event that no substitute horse can be determined in accordance with any specific Rules then the runner with the highest number of totewin pool units in the relevant race will be substituted. If two or more runners have an equal number of totewin pool units then the one with the lowest racecard number will substitute. If no totewin pool is operated then the lowest racecard number will be substituted.

· (d) British horseracing will be subject to the British Horseracing Authority rules. Non-British horseracing will be subject to the rules of the equivalent regulatory body of the relevant country. Decisions of the relevant authority as to the running and outcome of events will apply to totepool bets.

· (e) Bets accepted into third party pools are additionally subject to the betting rules relative to those pools.

· (f) In the case of any pool which is won or part won, any carry over will be in respect of the net pool or net part pool (i.e. the pool or part pool after the relevant deduction has been levied.

14. ICE HOCKEY

· All bets on "Regular Time" markets will be settled on the result at the end of regular time, excluding overtime. All bets on " Moneyline " markets will be settled at the result at the end of regular time including "overtime and any shootouts that may be played".

· 'Puck Line' markets (i.e. handicap markets for NHL (National Hockey League) matches) will be settled on the final result including any overtime and any shootouts that may be played. All 'handicap' markets on other matches will be settled on the result at the end of regular time, excluding overtime.

· If a match does not start on the scheduled start date and is not completed within three days of the scheduled start date, all bets will be void except for those on markets which have been unconditionally determined.

· If a match starts but is later abandoned or postponed then, within three days of the scheduled start date, (a) at least 55 minutes of play must have elapsed in any match; or (b) an official result must be 'called' by the relevant governing body; otherwise all bets will be void, except for those which have been unconditionally determined. In these instances, if the scores are tied then for " Moneyline " matches (where no tie is offered) dead heat rules will apply to bets on the outright match winner market.

15. MOTOR SPORT (which may include, amongst others, Formula One, Superbikes and Speedway)

· If a race is abandoned and no presentation position or official result is declared all bets on that race will be void except for bets on any markets which have been unconditionally determined.

· If the scheduled venue is changed after the market has been loaded by Betfair, all bets will be void.

· On "head-to-head" bets (i.e. match bets) the driver/rider who finishes ahead or completes the most number of laps is deemed to be the winner.

· In Speedway , bets will be void if all scheduled heats or races of a meeting or match are not completed except on markets which have been unconditionally determined.

· In any case where there is no podium presentation, but the Market Information states that settlement of the relevant market will be based on the result at the time of the podium presentation, then the market will be settled on the official result of the relevant governing body regardless of any subsequent disqualification or amendment to the result (except if an amendment is announced within 24 hours of the initial settlement of the relevant market in order to correct an error in reporting the result).

16. ROWING

· If a crew or individual starts a race but does not complete it then they will be deemed a loser providing at least one other crew or individual completes the race. If no crew or individual completes a race then all bets will be void.

· If a regatta is cancelled for any reason, all bets will be void, except those on markets which have been unconditionally determined.

17. RUGBY UNION and RUGBY LEAGUE

· 'Tournament points' and 'tournament tries' bets will apply to all playing time, including any extra-time in any match where an official result is declared.

· For 'time of first try' bets, if the try is scored in the second half, the first half is deemed to have lasted 40 minutes, regardless of stoppage-time. If no try is scored, or the try is scored in second half stoppage-time or extra-time, the result is 80.

· For the purpose of markets involving tries, penalty tries will count with the exception of 'first individual try scorer' markets where penalty tries will not count.

18. SNOOKER AND POOL

· In the event of a match starting but not being completed, the player progressing to the next round will be deemed the winner (or in the case of the final the player declared the winner).

· If a match is not completed for any reason then bets on 'any correct score' or 'next frame' market will be void.

· If a match is not completed for any reason, bets on any handicap market will be void unless the market has been unconditionally determined.

19. SOCCER

· If a match has not started (or if Betfair believes that a match will not have started) by 23:59 (local time) on its scheduled start date, then all bets will be void unless Betfair has knowledge that the match has been rescheduled to be played within three days of its original start date.

· If a match starts but is later abandoned or postponed and is not completed (i.e. 90 minutes of play according to the match officials, plus any stoppage time) within three days of the scheduled start date, all bets will be void except for those on markets which have been unconditionally determined.

· If a match starts but is later abandoned or postponed but is completed (i.e. 90 minutes of play according to the match officials, plus any stoppage time) within three days of the scheduled start date, all bets will stand except if the match is restarted from the beginning. If the match is restarted from the beginning then all bets matched before the market went in-play will stand, but any bets placed in-play will be void, except for any bets placed in-play on markets which have been unconditionally determined, which will stand.

· If a team is disqualified, thrown out or otherwise removed from a league, one of the following will apply:

· If this happens before the relevant season has started, all bets on all affected markets will be void (except for those on markets which have been unconditionally determined);

· If this happens after the relevant season has started, all affected markets will stand and the team will be deemed to be relegated and all bets on that team will be settled accordingly in all relevant markets (assuming, of course, that it is not subsequently reinstated before the end of the season).

The relevant season will be deemed to have started once the first league game has been played. For the purposes of this rule, markets relating to individual matches will not be deemed to be "affected markets".

· 'Shirt numbers' bets will refer to the shirt number allocated at the start of the match. 'Shirt numbers' bets will include own-goal scorers. Any player whose shirt bears no number will be allocated the number 12.

· For 'time of first goal' bets (i.e. "First Goal Odds" markets), the first half is deemed to last 45 minutes, regardless of stoppage time. Also for these markets, please note that the "0 - 10 Minutes" selection covers the first 10 minutes of the match. In other words, it runs from 0:00 until just before the clock hits 10:00. The "11 – 20 Minutes" selection runs from 10:00 until just before the clock hits 20:00. The same principle applies to each of the other selections in this market.

· For 'first' or 'last goalscorer ' markets bets are void on any player who takes no part in the match or who comes on as a substitute after the 1st goal has been scored. Own goals do not count for either 'first' or 'last goalscorer ' markets.

· For 'top goalscorer' markets only the goals scored in the league or competition stated in the Market Information count. For example, if a player joins a club mid-season any goals scored in a different league will not count, however goals scored for a different club in the same league will count. Own goals will not count.

· In markets which relate to the number of incidents to occur, such as 'number of corners', these will be determined on the basis of the number taken, rather than awarded.

· For markets that relate to the number of bookings given, the number of corners taken or the time of the first goal, the result will be determined by Betfair (acting reasonably) using information from independent sources. In such cases, if any new information comes into the public domain within 72 hours of settlement, then Betfair shall (acting reasonably) determine either: (i) whether the market should be reinstated or resettled in light of this new information; or (ii) to wait for further information before deciding whether to reinstate or resettle the market. Except where Betfair has announced that it is waiting for further information, any information that comes into the public domain more than 72 hours after a market has been settled shall not be considered by Betfair (regardless of whether or not such information may have led to a different result).

20. SWIMMING

21. TENNIS

· If a player or pairing retires or is disqualified in any match, the player or pairing progressing to the next round (or winning the tournament in the case of a final) will be deemed the winner. However if less than one set has been completed at the time of the retirement or disqualification then all bets relating to that individual match will be void.

· All bets relating to the number of occurrences of certain events within a tournament will be void if the tournament is reduced in length, postponed or cancelled, except for those on markets which have been unconditionally determined.

· All bets will stand regardless of changes to scheduled venues, including any changes to a different type of surface.

· If the scheduled duration of a match is reduced or increased in the number of games/sets required to win, all bets will be void except for those on markets which have been unconditionally determined.

· Where markets are offered on individual games or sets within a match, a retirement or disqualification during a game or set will render bets on that game or set market and all individual game or set markets void except those on markets which have been unconditionally determined.

22. WINTER SPORTS (which may include, amongst others, Alpine Skiing, Biathlon, Cross-Country Skiing and Ski-Jumping)

· Unless stated otherwise in the Market Information, if an event is abandoned, postponed or cancelled, all bets will be void unless (a) the event is completed at the same venue within 7 days of the official scheduled completion date; or (b) a result is 'called' by the relevant governing body.

· Betfair General Rules will apply for 'match bets'. However in respect of "Nordic Combined" if all competitors involved in the match bet do not start both sections of the event (ski jumping and cross country) then bets will be void.

V 01/10 – 15/07/10