LEGALS

Terms and Conditions

Last update - September 2022

1. INTRODUCTION

This App is owned and operated by SETTLEIT APP LIMITED a private limited company registered in England and Wales (CRN: 10438327) of 86-90 Paul Street, London, EC2A 4NE (“We”, “Us” or “Our”), who are licenced and regulated in Great Britain by the Gambling Commission under account number - 52689

Any reference to “You” or “Your” is reference to any person using the App.

By logging into and using this App, You agree to accept and be bound by (i) these terms and conditions; (ii) Our privacy policy (click here); (iii) the Betting Rules (click here); (iv) the terms on our Responsible Gambling Page (click here) and (v) any terms specific to a promotion (together the “Terms”), and are deemed to have accepted and understood the Terms.

If You do not agree to the Terms, We will not license the App to You and You must go no further with the installation of the App and you must cease using the App in any manner.

This App is only available to residents in Great Britain. If you are not a resident in Great Britain you are not permitted to use the App.

2. CHANGES TO THE TERMS

We may need to update/change the Terms from time to time to reflect changes in the law, best practice or to cover any additional features which We introduce.

In the event We change the Terms we will notify You by such method of notification as We deem appropriate from the following:

an email to the email address You provide to us upon setting up an account; and a notification within the App.

You will be provided with the option to opt in to the amended terms but if You do not accept the notified changes you will not be permitted to continue to use the App.

3. YOUR ACCOUNT

Opening Your Account

In order to place a bet through the App You will be required to register an account with Us.

In order to open Your account You will need to provide an email and password and then provide Us with the registration information We require from You in order to carry out the checks detailed in clause 3.3.

In consideration of accepting Your application to open an account, You represent and warrant to Us and acknowledge that We rely on these representations and warranties as follows:

You are 18 years of age or over and of legal capacity to place a bet or register with Us. We take Our responsibilities in respect of under age and responsible gambling very seriously. As such, We reserve the right to request proof of age from You and to suspend Your account until We are satisfied You are over 18 years of age having reviewed any documentation We request. Please note that It is an offence for anyone under the age of 18 to open an account or to gamble and that any underage entries will be void;

You are resident in Great Britain;

You agree to provide accurate registration information, including without limitation Your correct date and birth and Your full residential address and country of residence. You agree to inform us of any changes in such details. Where this is not or We reasonably suspect that this is not the case, We reserve the right to suspend the account and treat any deposits into the account as being invalid (and any winnings arising from such deposits as void);

You are the person whose details are provided in connection with Your registration;

By accepting the terms and/or using the App, You hereby agree that We shall be entitled to conduct any and all identification, credit and other verification checks We deem appropriate from time to time. We shall be entitled to suspend/restrict Your access and/or use of the App until such checks have been completed satisfactorily in our opinion; and

You may only open ONE account. Should We identify any customer with more than one account we reserve the right to close both accounts or either the original or the duplicate account.

We allow all our customers to choose their own username and password for their account (“Account Information”) and also allow You to set up and secure Your account via Touch ID/Face ID technology. You must keep this information secret and confidential and We will not be liable if You deliberately or accidentally disclose your Account Information to any third party.

If You think, at any time, Your Account Information has been compromised or is known by any other person You should change it immediately on the App or by contacting Us.

You may update your Account Information from time to time by contacting customer services or through the “My Account” page on the App.

You at all times are responsible for the security of Your device and for all bets placed on Your account and any other activities taking place on Your account and device. Bets will stand if Your username and password have been entered correctly or if Your account has been accessed via Touch/Face ID.

4. OPERATING SYSTEMS REQUIREMENTS

This App requires a device running a minimum software version as follows:

iOS version 11.0 or higher

Android version 5.0 to 8.0

5. CLOSURE, SUSPENSION AND TERMINATION

Closure By You

You can close your account at any time so long as no funds are owed to Us. In the event You wish to close your account You should inform us in writing by emailing support@settleit.io As only one account is permitted per person, should You wish to resume using the App You will be required to open a new account.

Once We have received confirmation that You wish to close your account any outstanding bets shall be honoured and any remaining sums shall be returned upon request to You after making any deductions of any sums owing to Us. When repaying the outstanding balance on Your account We will return the funds using the same method by which You used to pay on registering your account.

Upon the termination of Your account under this clause 5, We shall be entitled to withhold the repayment of any outstanding monies obtained by any Forbidden Practice (as set out in clause 10), where You have breached the Terms, as otherwise provided for in the Terms or where required to do so by any applicable law or regulation.

In certain circumstances, where You have closed your account under this clause 5, We may be able to re-activate Your account under the same Account Information. Please be aware that any re-activated account will be subject to these Terms as amended at the date of any such re-activation.

Suspension/Termination By Us

We reserve the right to suspend or terminate Your account at any time and for any reason. Without limiting the preceding sentence, We shall be entitled to suspend or terminate your account if:

You become bankrupt; or

We consider that you have taken part in any Forbidden Practice (as set out in clause 10).

If we suspend or terminate Your account for any reasons referred to in clause 5.5, You shall be liable for any and all claims, losses, liabilities, damages, costs and expenses incurred or suffered by Us (“Claims”) and You shall indemnify and hold Us harmless on demand for any such Claims.

6. YOUR PRIVACY

We take Your privacy seriously. We are required by law to comply with data protection requirements in the way in which we obtain and process any personal information we collect through Your use of the App. As such, we shall only use any information you send and provide to Us in accordance with our Privacy Policy.

Please see Our Privacy policy for more detail.

7. CHARGES AND FEES

Commission

We charge a commission in order to facilitate peer-to-peer betting on our exchange.

We charge a flat commission rate of 7.5% on Your net winnings per bet. If you make a loss on a bet, You do not pay commission. By way of example, if you bet £10.00 with odds of 2 to 1. If you Win, your stake of £10 will be returned and you will be charged 7.5% on the £20 net winnings (being £1.50).

Your winnings will be paid into Your account on the App once We have deducted Our commission. Your winnings will stay in Your account on the App unless You choose to withdraw Your winnings, in which case the fees set out at clauses 7.4 and 7.5 will be debited from any withdrawal.

Account verification and Withdrawal fees

We will not charge any fee during your initial account funding stage. If your initial account verification fails due to insufficient details a further £2.00 will be charged in order to verify your account with further documentation. At all times these fees are clearly shown within the App. These fees are a straight pass through from our KYC (Know Your Client) provider.

We will charge a withdrawal fee of £1.00 on all withdrawals from the account. This charge is a straight pass through of costs incurred by Our third-party payment processing partner.

8. DEPOSITS AND WITHDRAWALS

To place a bet in the App, You need to deposit funds. You may only bet with the amount of cleared funds held in Your account.

By depositing funds into Your account, You direct Us and We agree to hold such funds, along with any winnings, for the sole purpose of placing stakes and settling any fees or charges that You may incur in connection with the use of Our App

Where possible, all withdrawals will be processed to the payment account from which the deposits were made. Withdrawal payments can only be made in the name of and to the registered account holder.

We reserve the right to make a charge to Your account to cover all reasonable costs relating to the deposit (up to a maximum fee amount of 2.95% of monies deposited).  Withdrawal fees and account verification fees will also be charged in accordance with clause 7.4 and 7.5.

You agree not to make any charge-backs, reversals or otherwise cancel any deposits into Your account, and in any such event to refund and compensate Us for such unpaid deposits including any expenses incurred by us in the process of collecting your deposit or any expenses or fees We are charged in relation to charge-backs and reversals.

You acknowledge that We will not permit You to withdraw any winnings from your account until age verification has been satisfactorily completed.

You acknowledge that in any event, if age verification has not been satisfactorily completed to our reasonable satisfaction within 72 hours of You applying to register to gamble and depositing money:

your account will be suspended;

no further gambling will be permitted until age verification has been successfully completed;

if on completion of age verification you are shown to be underage, all bets shall be void and no winnings shall be paid.

9. PROTECTION OF CUSTOMER FUNDS

We are required by our licence with the Gambling Commission to inform customers about what happens to funds which We hold on account for You and the extent to which such funds are protected in the event of insolvency.

All funds that We hold for You are held in a separate customer bank account and kept separate from Our company funds, but are not protected in the event of insolvency. This meets the Gambling Commission’s requirements for the segregation of customer funds at the level: not protected segregation. For more information about this please visit - https://www.gamblingcommission.gov.uk/guidance/customer-funds-segregation-disclosure-to-customers-and-reporting/the-customer-funds-insolvency-ratings-system

10. CHEATING, FRAUD, COLLUSION AND CRIMINAL ACTIVITY

Taking part in any of the following constitute “Forbidden Practices” and will be viewed as a material breach of the Terms:

rigging any event or match that You have a bet on; or

exploiting a fault, loophole or error in the App or any third party software used by You in connection with the App, that in each case is advantageous to You or disadvantageous to Us or others; or

engaging in any criminal activity which shall include, but not be limited to, money laundering or section 42 of the Gambling Act 2005 (cheating).

the use of your account has given rise to an integrity concern, including if any bets You place are in breach of any rules about irregular and/or suspicious betting or misuse of inside information relevant to a sports governing body, other professional body of which You are a member, or of which your employer is a member.

Where We suspect any of the above has or is taking place, We reserve the right to inform the relevant authorities, to ensure compliance with Our regulatory and legal obligations.

11. RESPONSIBLE GAMBLING

For those customers who wish to restrict their gambling, please visit our responsible gambling page within the App or the player protection limits within the Wallet page of the App.

For more information on Our responsible gambling policy, please click here.

12. BETTING RULES

You can review our general betting rules here

13. SOFTWARE AND TECHNOLOGY ISSUES

In order for You to use Our App, you will need to download Our software. We hereby grant You a personal, non-exclusive, non-transferable, revocable right to use the relevant software, for the sole purpose of using our App, in accordance with the following provisions:

You are not permitted to: (a) sub licence, assign, rent, lease, loan, transfer or copy your licence to use the software or make or distribute copies of the software; (b) enter, access or attempt to access or otherwise bypass Our security system or interfere in any way (included but not limited to, robots and similar devices) with the App or attempt to make any changes to the software and/or any features or components thereof; or (c) copy or translate any user documentation provided “online” or in electronic format. In addition, and except to the minimum extent permitted by applicable law in relation to computer programs (including, the purposes expressly permitted by Section 296A)1) or Section 50(B)2 of the Copyright Designs and Patents Act 1988), You are not permitted to: (i) translate, reverse engineer, decompile, disassemble, modify, create derivative works based on, or otherwise modify the software; or (ii) reverse engineer, decompile, disassemble, modify, adapt, translate, make any attempt to discover the source code of the software or to create derivative works based on the whole or on any part of the software;

You do not own the software. The software is owned by and is the exclusive property of SETTLEIT APP LIMITED. Your use of the software does not give you ownership of any intellectual property rights in the software;

The software is provided “as is” without any warranties, conditions, undertakings or representations. We do not warrant that: (a) the software will meet your requirements; (b) the software will not infringe any third party’s intellectual property rights; (c) the operation of the software will be error free or uninterrupted; (d) any defects in the software will be corrected; or (e) the software or the servers are virus-free;

In the event of communications or system errors occurring in connection with the settlement of accounts or other features or components of the software, We will not have any liability to you or to any third party in respect of such errors;

You hereby acknowledge that how you use the software is outside of Our control and at your own risk;

The software may include confidential information which is secret and valuable to Us. You are not entitled to use or disclose that confidential information other than strictly in accordance with these terms and conditions; and

Whilst We endeavour to ensure the App is available 24 hours a day, We shall not be liable if for any reason the App is unavailable at any time or for any period. We reserve the right to make changes or corrections to or to alter, suspend or discontinue any aspect of the App and the content or services or products available through it, including your access to it.

14. THIRD PARTY CONTENT

We receive feeds and content form various third party suppliers.

We do not accept any liability in respect of any third party feeds and content.

15. ERRORS

We will not be liable for any errors in respect of bets where:

We continue to show an event that has already started or concluded; and/or

We delete an event that should not have been shown and is subsequently removed; and/or

We incorrectly calculate or pay a settlement amount, including where a bet is cashed out for the full settlement amount.

We reserve the right to correct any of the errors detailed at clause 15.1 and resettle any sums paid out on the correct terms by making adjustments to Your account. If You withdraw any sums from Your account which had been miscalculated We reserve the right to require You to immediately return such funds or at our discretion to deduct a sum equivalent to such sum from any present or future balance in Your account.

Where it is not reasonably possible to correct and resettle an error We reserve the right to declare a bet void and return any stakes placed into Your account.

You must inform us as soon as is reasonably practicable as soon You become aware of any error.

We shall not be liable for any loss caused by an error under this clause 14 or any steps We take to correct such error.

16. LIABILITY

We do not accept any liability for any damages, liabilities or losses which are deemed or alleged to have risen out or in connection with the App or its content (including delays or interruptions in operations or transmission, communication or lines failure, any person’s misuse of the App or its content or any errors or missions in content).

We shall not be liable, in contract, tort (including negligence) or for breach of statutory duty or in any other way for any of the following (whether incurred directly or indirectly):

Loss of profits

Loss of business

Loss of revenue

Loss of opportunity

Loss of data

Loss of goodwill or reputation; or

Any special, indirect or consequential losses.

Nothing contained within these Terms shall operate so as to limit or exclude any liability in respect of fraud (including fraudulent misrepresentation), or death or personal injury caused by our negligence.

17. INTELLECTUAL PROPERTY RIGHTS

The contents of the App, including the design, text, graphics, photos, video and sound are protected by copyright and other proprietary rights which are either owned by Us or used under licences granted to Us by third parties.

Except to the extent required to use the product for the purpose of placing bets or SETTLE-IT’s, no part of the App may be reproduced or stored, modified, copied, republished, uploaded, posted, transmitted or distributed, by any means or in any manner, or included in any other app or website or in any other public or private electronic system or service including text, graphics, video, messages, code and/or software without our express prior written consent

Any commercial use or exploitation of the App or its content is strictly prohibited.

18. COMPLAINTS AND DISPUTES

Should there be any claim or dispute arising from a past or current transaction, please send an email to our customer support team, support@settleit.io within 6 months of the date of the transaction in dispute. Your complaint will be escalated to senior management and we will endeavour to tackle it within 5 working days.

In the event that We are unable to settle the dispute, either party is entitled to refer the dispute to the Independent Betting Adjudication Service (IBAS), whose decision will be final subject to full representation given to all parties involved. No dispute regarding any bet will result in litigation, court action or objection to our licence or permit, unless SETTLEIT APP LIMITED fails to implement the decision given by arbitration.

For further information on IBAS, please click here

You may use the European Commission's Online Dispute Resolution platform available here instead of approaching the relevant arbiter directly.

19. GOVERNING LAW AND JURISDICTION

These Terms and Conditions are governed by the laws of England and Wales. By accepting these Terms and Conditions and/or placing bets or SETTLE-IT’s and/or making use of the facilities offered by SETTLEIT APP LIMITED, You irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute which may arise out of or in connection with these Terms and Conditions.

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