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Winnings

Winnings

The maximum winnings for any one customer in any one day in-shop and online shall be Forty Million Naira (N40,000,000).

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. BetKing reserves the right to publish the information of any winner that wins above One Million Naira (1,000,000) on Sports and or Two Hundred Thousand Naira  (N200,000) on Virtual for marketing purposes. 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 SV Gaming 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.

 

SAVED BANK ACCOUNTS

  1. In line with the money laundering (prohibition) Act, 2011 (As Amended) BetKing is to take relevant measures to verify the identity of the beneficiary owner such that BetKing is satisfied and knows who the account beneficiary owner is, All online and agent account types will be required to save a minimum of one (1) bank account before their withdrawal requests can be processed.
  2. All Saved Bank Account Names must match the names on the BetKing Account, which will be verified by BetKing before any withdrawal is permitted.
  3. Withdrawals will only be remitted to the bank account saved by the Customer and verified on their BetKing Account.
  4. Any change or updates to saved Bank Account details will be verified by BetKing. BetKing may request supporting documents and a valid means of Identification from the customer.

 

EX AEQUO RULE:

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

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.

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.

 

WINNINGS FROM N300,000

In compliance to EFCC KYC (Know Your Customer) Policy, SV Gaming (BetKing) will require a valid means of identification to enable us to process a withdrawal request for such winning. The acceptable valid means of identification are driver's license, international passport, national identity card, or voter's card. If the event that we do not receive the required document, SV Gaming (BetKing) reserves the right to hold the winning till validation is complete.

 

Retirements and Reductions

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, retire, or should be excluded from the event. In this case, a reduction factor may 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.

The reductions may 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.

The'reduction factor established may be applied at BetKing’s discretion.

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.

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 reserves the right to reduce the odds to the correct amount at is sole discretion using the average of 3 websites of its choice.

 

MAXIMUM CUMULATIVE PAYOUT RULE

BetKing Rule (Nigeria)

The maximum cumulative daily winnings limit across all user channels (mobile, online and retail) and customer accounts across the Betking platform within a 24 hour period will not exceed NGN 10,000,000,000. If the cumulative winnings amount during any 24 hour period exceeds the cumulative daily payout limit cap, then each customer account individual win available for payout will be reduced accordingly. For example, if the actual cumulative 24 hours period daily winnings across Betking is calculated at twice the set limit cap, then each individual customer winning amount will be halved.  Therefore, in that case, an individual bet with winnings of NGN 20,000,000 will be paid out at NGN 10,000,000.

 

Sports Daily Winnings Limits

In a 24 hour period, each sport is subject to a ‘sports daily winnings limit’ as listed below. The sports daily winning limit applies per customer or group of customers who have placed bets containing the same selections. Where, bets have been placed through different channels (including online, mobile and land based retail), at different prices, at different times on one or multiple accounts it will still be deemed to be a single group of customers. By reviewing the commonality of selections if BetKing deem (at its sole discretion) that the bets are placed as a group all the bets combined will be treated with one maximum sports daily winnings limit. Where the sports daily winnings limits is exceeded bets will be paid out proportionally based on the pro rata amount of the stake within the customer betting group. All bets are deemed settled when the final selection finishes, in the case of system bets partial winnings will be deemed to have settled on the day of the final selection. Cashed out bets will count towards the aggregate winnings total. Stakes are not affected and will not be subject to reduction. Notwithstanding the above, all winnings also remain subject to the Maximum Cumulative Payout Rule set out above.

Sports Daily Winnings Limit:

Daily Limit Tier 1: 300,000,000.00 NGN

Soccer: Match winner, 1x2, Double Chance, DNB, GG/NG and Over/Under Goals for the following competitions

English Premier League

Dutch Eredivisie

Argentinian SuperLiga.

Australian A-League

Belgian First Division A

Brazilian Serie A

English Championship

Copa Libertadores

English FA Cup

Fifa World Cup

Finnish Veikkausliiga

French Ligue 1

German Bundesliga I

Italian Serie A

Japanese J-League

English League 1

English League 2

Norwegian Tippeligaen / Eliteserien

Portuguese Primeira Liga

Scottish Premiership

Spanish La Liga

Turkish Super League

UEFA Champions League (excluding qualifying)

UEFA European Championship

UEFA Europa League (excluding qualifying)

USA MLS

American Football: NFL

Baseball: MLB

Basketball: NBA

Ice Hockey: NHL

Tennis: ATP Grand Slam, WTA Grand Slam;

Daily Limit Tier 2: 50,000,000.00 NGN

All other markets available on BetKing but not listed in Tier 1 or Tier 3

 

Daily Limit Tier 3: 20,000,000.00 NGN

Esports, Esoccer, Table Tennis, Badminton

Last Updated: 2021-11-09 15:23:10