- Funds Transfers & Top Ups
A Top Up is a transfer of funds from each current member's personal Sportsbet account into the group account. The timing and amount of a Top Up is set by an Admin and may vary on each occasion. The Top Up is an equal amount requested to each member at the same time, notified through their Bet With Mates Activity feed. Any member that hasn't transferred their Top Up when the Admin resumes group betting, will be automatically removed from the group.
The Admin can initiate a Top Up of the group balance any time via the group home screen. The Top Up amount may vary each time as set by the Admin, and is not based on the group balance reaching a certain level. Group betting will be paused while members transfer their Top Up amount. Members can transfer their Top Up amount from their personal Sportsbet account, via the group home screen. Any members that have not transferred their Top Up when the Admin resumes betting, will be automatically removed from the group.
Transfers of funds to the group account only occur in specific amounts and times set by the Admin. Funds can only be transferred via your personal Sportsbet account, not directly from a bank deposit. Transfer of the Buy-In amount is required to join a group initially. At any time the Admin may call for a Top Up from all members. Members will need to check the Group Home page to see when a Top Up is required.
Your personal share of the group balance is equal to the group balance divided by the number of current members. You'll see it displayed in your group home screen as both a percentage share and a dollar amount, which can fluctuate as the number of members changes and funds are transferred in and out of your group account.
You can receive your share in several ways: You can permanently leave a group and take your share any time by selecting 'Leave Group' from Settings. You'll be forced to leave a group if you're the last member remaining. A group Admin can choose to distribute all or part of each member's share equally, at any time. If the group closes or you choose to leave the group at any time, you'll receive your full share. Your share amount will be transferred to your personal Sportsbet account. Providing the funds are withdrawable, you can then withdraw from your personal account to your bank account.
There's no option as an individual member to take some of your share and remain in the group, unless it's via an Admin distribution that applies to all members.
Why can't I withdraw funds that I've received from my Bet With Mates group?
Any non-turned over funds that have been transferred into a Bet With Mates group, will still need to be turned over if withdrawn from the group. Meaning if you’ve deposited $50 into your Sportsbet account then transferred that into a group and you’ve only bet $25 of it and left the group, the remaining $25 will still need to be bet through (turned over) before you’ll be able to withdraw these funds.
The Bet With Mates Social Contract
Importantly, it is solely the responsibility of the Group and its Members to decide, set and administer any particular Group betting protocols they see fit, including any betting limits imposed on Members (“Social Contract”). By using the Bet With Mates product, all Group Members acknowledge and agree that it is solely their responsibility to form the Social Contract in relation to the Group. The Group and/or Member(s) expressly acknowledge they have no recourse against Sportsbet nor the Northern Territory Racing Commission (and neither Sportsbet nor the Northern Territory Racing Commission will entertain or consider any complaint or dispute) in relation to any conduct by a Group Member which may be in breach of a Social Contract (including, without limitation, placing a bet, betting an amount in excess of any limit, or Cashing out a bet) on a Bet With Mates Group. For the avoidance of any doubt, this condition 5 will apply whether or not a Group has agreed any Social Contract or not.