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Winnings

Winnings

  1. Winnings from settled bets are added to the balance of your betting account. Any funds/winnings credited to an account in error are not available for use and SV Gaming ltd reserves the right to retrieve the funds from your account by reversal or withdrawal, either at the time or retrospectively 

  2.  A 20% withholding tax will apply on all winnings as required by the prevailing governing laws in Kenya, as per the Income Tax Act under section 35 (1) (I), (3) (h). 

  3. The maximum pay-out limit per customer for each winning is set by the Company. It is the customer's sole responsibility to ensure he is aware of the set limits before any bet placement has been made. These payout limits are set out below:
    • Sports Bet winnings: Ksh 5,000,000
    • Virtual games and Casino games winnings: Ksh 1,000,000
  4. Payout limits apply to each customer or group of customers who play the same or similar selection or combination of selections, even though divided into a series of bets, at different odds and even if carried out on different days or at different locations. If BetKing suspects that one or more bets have been made following this procedure, BetKing reserves the right to withdraw from these contracts considered abnormal and the total payment will be limited to a one-time the maximum payout as above listed.

  5. BetKing reserves the right to publish wins above One Hundred Thousand Kenyan Shillings (100,000 KES) on Sports and/ or Twenty Thousand KES  (20,000 KES) on Virtual for marketing purposes. The personal information of the winner will not be published without consent. BetKing also reserves the right to invite the winner to our offices to take photographs to be used for marketing purposes before payment of the winning.

    If winnings are credited to an account for payment in error and are used as stakes, then Network Group Kenya Ltd (BetKing) reserves the right to void any transactions involving such funds.

    In the event that BetKing does not have an official statement by any official federation authority within 48 hours of the end of the game, we reserve the right to cancel the bet.

 

 EX AEQUO RULE:

  1. An "ex aequo” occurs when two or more participants in an event come in a tie for the first and second place.

  2. In the event of two selections that end in an "ex aequo", the client’s bet is divided, with half of the stake applied to the winning selection and the other half lost. With more than two selections, the stake is divided proportionally.

  3. The presence or absence of specific information on any event being bet on, such as events played on "neutral fields" or any changes to the playing surface, will not be cause for cancellation or refund of the bet. It is the bettor’s responsibility to be informed on such updates regarding the event being bet on.

     

 

VERIFICATION OF WINNINGS

 There might be instances, where In Entertainment Network Group Kenya (BetKing) may at our own discretion require a valid means of identification to enable us to process a withdrawal request. The acceptable valid means of identification are driver's license, international passport or national identity card. In the event that we do not receive the required document, Entertainment Network Group Kenya (BetKing) reserves the right to hold the winning till validation is complete.

In case of bank transfer of winnings, proof of winnings will be provided to the customer for their respective banks, and the customer will need to provide all relevant documents to prove the ownership of the bank account.

 

ANTE-POST/ OUTRIGHT/ WINNING

  1. The rule of "non-runner" concerns the revision of odds on bets placed that result won in the case that one or more competitors in the market do not participate, retires or should be excluded from the event. In this case, a reduction factor will be applied to the odds of the remaining participants of the event. The reduction factor will be calculated taking into account his winning probability which will then be applied to the winning bets.
  2. The reductions will be applied to placed bets.
    • Example: If the final reduction factor of a non-runner is equal to 25% of the value of the average odd placed (fixed odd equal to 4), the bets placed will be reduced by 25%, therefore a placed bet with odd at 8.00 will become of 6.00 and so on and so forth. If another player does not participate, retires or is excluded from the event, such values can be further reduced.
  3. The 'reduction factor' established will be applied at BetKing’s discretion.
  4. For any event where a specific rule is not specified on the BetKing site, all decisions on such event will be up to BetKing’s discretion.
  5. All the results and statistics are sent by BetRadar.com. All the bets are settled once official results are sent by BetRadar.com. Statistics provided by the official score(s) provider or the official website of the relevant competition or fixture will be used to settle wagers. Where statistics from an official score(s) provider or official website are not available or there is significant evidence that the official score(s) provider or official website is incorrect, we will use independent evidence to support bet settlement. Should there be an incorrect result BetKing reserves the right to delay the payout of the winning until it has completed its investigation. In the case of an incorrect ODD BetKing reserve the right to reduce the odds to the correct amount at is sole discretion using the average of 3 websites of its choice.

 

Last Updated: 2020-05-31 00:39:57

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