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Welcome to our statement of BettorEdge's Wallet Terms of Use

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Trifecta Sports LLC
Minnesota, United States

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Wallet Overview

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Types Of Transactions

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Transactions on the BettorEdge platform can be completed using virtual assets (Edge Coins) in the “For Fun” mode or funds (USD currency) in the “For Money” mode in states where it is legal. For more details on Edge Coins see our Terms of Use. The terms and conditions for USD currency are covered in the following sections.

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Adding Funds And Maintaining Funds

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We must receive and verify the required identifying information prior to users adding funds and using money on the BettorEdge platform. The required identifying information includes: legal name, email address, phone number, date of birth, photo of government issued ID, and photo of self. For additional information on identifying information we may request from users, see our terms of use.

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Once required identifying information has been provided and verified, BettorEdge may offer users the ability to transfer funds to their BettorEdge account wallet. Funds can be transferred from bank accounts by either automatically linking to an account or manually adding an account. Funds must be verified by the payment merchant, but once the funds are verified they will appear in a user’s BettorEdge wallet balance. Please note that payment merchant verification may take additional business days depending on the payment options and funds will be available after verification.

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Manually Adding a Bank Account:

  • Users allow BettorEdge to make two small deposits to the account they select. These two deposits can take up to five business days to settle in the users selected bank account

  • Upon receiving the two deposits, users must verify their bank account by entering the amounts of the two small deposits into the verify screen of their “My Linked Accounts” 

  • Users agree to allow BettorEdge to retrieve the two small deposits by one of the following:

    • a - combine the deposit amounts into one transaction

    • b - two transactions for each small deposit

    • c - added to the initial deposit created by the user (i.e., user deposits $100, BettorEdge will add the two small deposits to the $100 on the deposit)

  • Users can only have one bank account with a pending verification at a time and will not be able to add another bank account until the deposits are verified

  • Users are liable for the small deposits if they input incorrect bank account information and will not be able to deposit or withdraw until that is resolved

  • Users cannot withdraw funds to any bank account while one bank account is pending verification

 

Remember, users may use the application in “For fun” mode using Edge Coins prior to verifying the required identifying information and adding funds.

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Users can link or unlink bank accounts from their BettorEdge account wallet as a payment method. Please keep your funding method information current (e.g. credit card number and expiration date).

 

Transacting Funds

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To hold a BettorEdge balance and use funds won from other users, we must receive and verify the required identifying information. Funds are transacted on the BettorEdge platform when a user creates or trades a bet position or enters a competition. Users shall enter into transactions on BettorEdge for non-commercial, lawful purposes only. Any other use, or commercial use, of transactions on BettorEdge requires the prior written approval of BettorEdge.

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Funds in a user’s account wallet will be set aside for a transaction when a user creates an order by moving funds from the user’s wallet balance to a player’s order balance. If a user’s order is fulfilled or partially fulfilled and a bet position is created, the associated funds will leave the user’s order balance and move to the user’s position balance. When a bet position is created, a user’s funds are removed from the user’s wallet account and moved into an escrow account owned by BettorEdge until the event concludes or the user sells the position.

If a user holds the position until the event concludes and the position wins and the funds won will be transferred from the escrow account to the user’s wallet account. If a user holds a bet position until an event concludes and the position loses, the funds will transfer to the competing user(s) wallet account. If a user sells an asset prior to the event conclusion, the proceeds will be transferred to the user’s wallet account.

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Funds in a user’s account wallet will also be removed from the user’s account wallet and moved into an escrow account owned by BettorEdge when a user enters a competition. If a user wins the competition the funds eligible to be won in the competition will be sent to the user’s account wallet. If a user loses the competition, the user’s initial funds used to enter the competition will be forfeited by the user. 

In both bet positions and competitions, when moving funds to escrow accounts, BettorEdge may combine user funds with the funds of other users and place those pooled amounts in one or more bank accounts in BettorEdge's name. Any funds owed to a user from a bet position or competition won on BettorEdge that have not yet been transferred represents an unsecured claim against BettorEdge and is not insured by the Federal Deposit Insurance Corporation (FDIC).

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Withdrawing Funds

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To complete a withdrawal of any cash and prizes on BettorEdge a user will need to verify their identity. Users shall provide complete, accurate, current, and true information about themselves as requested in the platform’s verification process. Please update your user and wallet information to keep it current and accurate. To withdraw funds, a user can select the amount of their wallet balance they would like to have deposited in a bank account they link to BettorEdge. Please allow for 24 hours from the time of initiating a deposit to the time the balance successfully transfers and is available in your BettorEdge wallet balance.

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Fees, Minimums, And Limits

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In order to manage risk, we may limit the funding methods available when a user makes a transaction. We may, also at our discretion, impose limits on the amount and/or the number of transactions a user can execute on the BettorEdge platform. Fees and limits may change from time to time in our sole discretion.

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Specific minimums and limits when using the BettorEdge platform include: 

  • Minimum deposit amount to a BettorEdge wallet of $25;  

  • Maximum deposit limit to a BettorEdge wallet of $10,000 per week; and

  • Maximum withdrawal limit from a BettorEdge wallet of $10,000 per business day

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Chargeback Fees

In the event that a chargeback, reversal or processing error occurs, fees occur from our payment processor for the event. This fee will be passed onto you and a $50 chargeback fee will be reflected in your balance.

 

Protection From Unauthorized Transactions

 

Unauthorized Transactions

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To protect against unauthorized activity in their BettorEdge account, users should regularly log into their BettorEdge account and review their BettorEdge balance and activity. We will notify users of each transaction by sending in app alerts and/or creating a story in the user’s player activity feed, depending on their preferences. Users should review these transaction notifications to ensure that each transaction was authorized and accurately completed.

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Users are responsible for taking appropriate measures to protect themselves from unauthorized activity in your BettorEdge account.

 

What Is An Unauthorized Transaction

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An “Unauthorized Transaction” occurs when funds from a user’s BettorEdge account wallet are used to execute orders or enter competitions that the user did not authorize and that did not benefit them. For example, if someone steals your password, uses the password to access your BettorEdge account, and executes an order from your BettorEdge account, an Unauthorized Transaction has occurred.

 

What Is Not Considered An Unauthorized Transaction

 

The following are NOT considered Unauthorized Transactions:

  • If you give someone access to your BettorEdge account (by giving them your login information) and they use your BettorEdge account without your knowledge or permission. You are responsible for transactions made in this situation.

  • Invalidation and reversal of a payment as a result of the actions described under the Refunds, Reversals and Chargebacks section.

 

Reporting An Unauthorized Transaction

 

If a user believes their BettorEdge login information has been lost or stolen, the user should contact BettorEdge customer support immediately at Support@BettorEdge.com or calling 612-230-0921.

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Tell us AT ONCE if you believe that an electronic fund transfer has been made without your permission using your login information or by other means, or if your BettorEdge-activated mobile phone has been lost, stolen, or deactivated.

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Also, if a user’s BettorEdge account wallet balance shows transactions that they did not make, including those made with their BettorEdge login information or by other means, they should tell us at once.

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Filing a chargeback or reversal with your financial institution related to a BettorEdge transaction does not constitute notice of an Unauthorized Transaction to us. Users must contact us directly to notify us of Unauthorized Transactions by reaching out to BettorEdge customer support at Support@BettorEdge.com or calling 612-230-0921. Once informed, we will make a reasonable effort to recover funds from unauthorized transactions, but we do not guarantee such recovery, and are not responsible for damages resulting from unauthorized transactions.

 

 

Taxes

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Limitations On Tax Guidance

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The BettorEdge platform is not intended to provide legal or tax advice. Nothing on the BettorEdge platform should be construed as taxable reporting. Certain account balance tools available on the BettorEdge platform may provide general tax information based on user input. Users are solely responsible for determining whether any bet position or competition winnings have taxable considerations and filing and paying applicable state and federal taxes on any winnings. Users should consult a legal or tax professional regarding their specific situation.

 

 

Promotional Funds

 

Referral Program

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BettorEdge has a referral program to give back to the community for obtaining additional members in the community. BettorEdge has the right to adjust promo amounts on a regular basis to incentivize around promotional events. Additionally, if behavior is noticed that may be unusual or suspicious, BettorEdge has the right to suspend or adjust a user's referral code or prevent withdrawal of promotional funds. 

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Our Rights

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Security Interest

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As security for the performance of your obligations under this user agreement, you grant to us a lien on, and security interest in and to, money in your BettorEdge account and any other funds held in our possession.

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Amounts Owed To Us

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We may deduct amounts owed to us, in whole or in part, from funds that are sent to your BettorEdge account later, either by you or from transactions sent to you. While you owe amounts to us, we may:

  • reverse transactions you have executed;

  • engage in collection and other efforts to recover such amounts from you, including, but not limited to, making attempts on your linked funding methods to cover the amounts; and

  • place a limitation or take other action on your BettorEdge account as outlined under the Holds and Limitations section and the Restricted Activities section of the Terms of Use. 

 

If you continue using your BettorEdge account when you have amounts owed to us, you authorize us to combine amounts owed to us with any transactions sent from your account.

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Insolvency Proceedings

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If any proceeding by or against you is commenced under any provision of the United States Bankruptcy Code, as amended, or under any other bankruptcy or insolvency law, we’ll be entitled to recover all reasonable costs or expenses (including reasonable legal fees and expenses) incurred in connection with the enforcement of this agreement.

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Assumption Of Rights

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If we invalidate and reverse a transaction that you made to a recipient (either at your initiative or otherwise), you agree that we assume your rights against the recipient, and may pursue those rights directly or on your behalf, at our discretion.

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No Waiver

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Our failure to act with respect to a breach of any of your obligations under this user agreement by you or others does not waive our right to act with respect to subsequent or similar breaches.

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Processing Errors

 

What Are Considered Errors

 

We will rectify any processing error that we discover. If the error results in:

  • You receiving less than the correct amount to which you were entitled, then we will credit your BettorEdge account for the difference between what you should have received and what you actually received.

  • You receiving more than the correct amount to which you were entitled, then we will debit your BettorEdge account for the difference between what you actually received and what you should have received.

  • Our not completing a transaction on time or in the correct amount, then we will be responsible to you for your losses or damages directly caused by this failure, unless:

    • through no fault of ours, you did not have enough available funds to complete the transaction;

    • our system was not working properly and you knew about the breakdown when you started the transaction; or

    • the error was due to extraordinary circumstances outside our control (such as fire, flood or loss of Internet connection), despite our reasonable precautions.

 

What Are Not Considered Errors

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Processing errors are not:

  • Delays that result from us applying holds or limitations. See Holds and Limitations section.

  • Delays based on a payment review or bank transfer review.

  • Your errors in making a transaction (for example, mistyping an amount of money that you are sending).

 

 

Refunds, Reversals And Chargebacks

 

Transactions That Are Invalidated And Reversed

 

Transactions may be invalidated and reversed by us if, among other reasons, we issued funds to you in error, the funding transaction is declined or reversed, the transaction was unauthorized or unfunded, or if the transaction was in violation of this user agreement or any other agreement with us.

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As the initiator or recipient of a transaction that is later invalidated for any reason, you may be liable to us for the full amount of the transaction and we may recover the amount of the transaction (plus any fees) from you. We may recover the amount of the transaction from either the initiator or the recipient of an invalidated transaction at our discretion (subject to applicable law). For example, if you initiate a transaction funded by a bank account and the bank informs us it cannot cover the transaction due to a lack of funds or a dispute, we may hold you liable for the transaction amount, or if you were the recipient of that transaction, we may reverse that transaction from your account to cover the liability.

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When recovering the amount of an invalidated transaction from you, we may apply any funds received from a winning transaction, request that you add funds to your account for the amount of the transaction and apply those funds to amounts owed, and/or we may:

  • engage in collection efforts to recover such amounts from you;

  • take any or all action as outlined under the Amounts Owed to Us section; and

  • place a limitation or take other action on your BettorEdge account as outlined under the Holds and Limitations section and the Restricted Activities section of the Terms of Use.

 

If we invalidate a transaction because the card issuer or originating bank declined or reversed the transaction, then you may be liable for the transaction even if you disagree with the decision of the card issuer or originating bank to decline or reverse the transaction. If you believe that a transaction initiated with your BettorEdge account was not authorized, then you must notify us immediately, even if you (or someone else) disputes the transaction with the card issuer or originating bank. Please see the Reporting an Unauthorized Transaction section for information about how to notify us. If you fail to report the unauthorized activity directly to us, then we may recover the amount of the reversed payment from you, as described above.

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Cancelled Events / Invalidated Even Outcomes

 

Events that are cancelled or are completed with invalidated even outcomes (ties) will result in the full original funds placed on the bet position being returned to the buyer and seller of the bet position.

 

 

Holds And Limitations

 

What Are Holds and Limitations

 

Under certain circumstances, in order to protect BettorEdge and the security and integrity of the platform, BettorEdge may, in its sole discretion, take account-level or transaction-level actions.

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Our decision about holds and limitations may be based on confidential criteria that are essential to our management of risk and the protection of BettorEdge, our customers and/or partners/vendors. We may use proprietary fraud and risk modeling when assessing the risk associated with your BettorEdge account. In addition, we may be restricted by regulation or a governmental authority from disclosing certain information to you about such decisions. We have no obligation to disclose the details of our risk management or security procedures to you.

 

Holds

 

A hold is an action that BettorEdge may take under certain circumstances either at the transaction level or the account level. When BettorEdge places a temporary hold on a transaction, the funds are not available to either the buyer or the seller of the bet position. BettorEdge reviews many factors before placing a hold on a transaction, including: account tenure, transaction activity, and past disputes.

 

Holds Based On BettorEdge’s Risk Decisions

 

We may place a hold on transactions involving your BettorEdge account if, in our sole discretion, we believe that there may be a high level of risk associated with you, your BettorEdge account, or your transactions or that placing such a hold is necessary to comply with state or federal regulatory requirements. We make decisions about whether to place a hold based on a number of factors, including information available to us from both internal sources and third parties.

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Risk-based holds may remain in place indefinitely from the date the transaction was made until we determine at our sole discretion that the hold should be released or the account should be permanently removed from the platform.

 

Account Limitations

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Limitations are implemented to help protect BettorEdge and BettorEdge users when we notice restricted activities or activity that appears to us as unusual or suspicious. Limitations also help us collect information necessary for keeping your BettorEdge account open.

 

There are several reasons why your BettorEdge account could be limited, including:

  • If we suspect someone could be using your BettorEdge account without your knowledge, we’ll limit it for your protection and look into the unusual activity.

  • In order to comply with the law.

  • If we reasonably believe you have breached this agreement or violated any other agreements with BettorEdge

 

You will need to resolve any issues with your account before a limitation can be removed. Normally, this is done after you provide us with the information we request. However, if we reasonably believe a risk still exists after you have provided us that information, we may take action to protect us, our users, a third party, or you from reversals, fees, fines, penalties, legal and/or regulatory risks and any other liability.

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