Customers who meet or exceed the Thresholds (as defined below) may be charged one or a combination of the MB Rates which only apply to the Exchange and they are as follows:
1. Commission rate up to 3.5% per bet (“Transactional Rate”); or
2. Commission rate up to 5% of Gross Profit per market (“Market Commission Rate”); and/or
3. Revenue share commission rate up to 60% of Net Profits per calendar month (“Revenue Share”).
(which shall severally and jointly be referred to as the “MB Rates”)
The thresholds are as follows:
1. $1,000,000 (one million US Dollars) of Betting Volume; and/or
2. $20,000 (twenty thousand US Dollars) of Betting Profits
(which shall severally and jointly be referred to as the “Thresholds”).
Matchbook shall review the Thresholds for non-USD denominated customer Account(s) on a quarterly basis applying the exchange rates supplied by XE.com Inc. and accessed via https://www.xe.com/?r= and provide any required information regarding the exchange rates applied during the Consultation Period (as defined below).
For the purposes of this paragraph the following definitions shall apply:
a) Account(s): means all accounts created by a customer on the Matchbook Website;
b) Betting Volume: means the cumulative Lifetime total of matched bets. For back bets this will apply to the backer’s stake and for lay bets this will apply to the bet liability and/or backers’ stake.
c) Betting Profits: means the amount won less any amounts lost during a customer’s Lifetime on the Matchbook Exchange;
d) Business Days: means a day other than Saturday and Sunday and excluding bank holidays in the United Kingdom and Republic of Ireland;
e) Consultation Period: means the period of 5 days from date of notification provided by Matchbook (whether by email, telephone or otherwise) that the Customer has met and/or exceeded the Thresholds;
f) Grace Period: means the period of 2 Business Days (after the expiry of the Consultation Period) from the date Matchbook notifies the customer (whether by email, telephone or otherwise) as to which MB Rate the customer shall be charged;
g) Gross Profits: means the total amount won less the total amount lost;
h) Lifetime: means all matched volume on all customer Account(s) and linked and/or associated and/or related to one person, entity whether currently active (and whether utilised or not) including previously closed, terminated and/or suspended Account(s);
i) Net Profits: means total amount won on the Exchange less amount lost, and less commission paid.
Matchbook: (a) shall on an ongoing basis review and calculate a customer’s Betting Volume and Betting Profits; (b) may at any time notify any customer who meets and/or exceeds any of the Thresholds and enter into a Consultation Period with the customer in order to discuss the MB Rates; and (c) upon expiry of the Consultation Period and in its discretion determine which MB Rates shall be applied and notify the customer accordingly.
Matchbook reserves the right to charge a customer with the MB Rates upon expiry of the Grace Period.
If a customer for whatever reason does not respond and/or does not enter into discussions with a Matchbook representative for the Consultation Period, Matchbook shall upon expiry of the Grace Period proceed and charge the Customer with the MB Rates (which shall be determined by Matchbook at its sole discretion).
Ouch.
1. Commission rate up to 3.5% per bet (“Transactional Rate”); or
2. Commission rate up to 5% of Gross Profit per market (“Market Commission Rate”); and/or
3. Revenue share commission rate up to 60% of Net Profits per calendar month (“Revenue Share”).
(which shall severally and jointly be referred to as the “MB Rates”)
The thresholds are as follows:
1. $1,000,000 (one million US Dollars) of Betting Volume; and/or
2. $20,000 (twenty thousand US Dollars) of Betting Profits
(which shall severally and jointly be referred to as the “Thresholds”).
Matchbook shall review the Thresholds for non-USD denominated customer Account(s) on a quarterly basis applying the exchange rates supplied by XE.com Inc. and accessed via https://www.xe.com/?r= and provide any required information regarding the exchange rates applied during the Consultation Period (as defined below).
For the purposes of this paragraph the following definitions shall apply:
a) Account(s): means all accounts created by a customer on the Matchbook Website;
b) Betting Volume: means the cumulative Lifetime total of matched bets. For back bets this will apply to the backer’s stake and for lay bets this will apply to the bet liability and/or backers’ stake.
c) Betting Profits: means the amount won less any amounts lost during a customer’s Lifetime on the Matchbook Exchange;
d) Business Days: means a day other than Saturday and Sunday and excluding bank holidays in the United Kingdom and Republic of Ireland;
e) Consultation Period: means the period of 5 days from date of notification provided by Matchbook (whether by email, telephone or otherwise) that the Customer has met and/or exceeded the Thresholds;
f) Grace Period: means the period of 2 Business Days (after the expiry of the Consultation Period) from the date Matchbook notifies the customer (whether by email, telephone or otherwise) as to which MB Rate the customer shall be charged;
g) Gross Profits: means the total amount won less the total amount lost;
h) Lifetime: means all matched volume on all customer Account(s) and linked and/or associated and/or related to one person, entity whether currently active (and whether utilised or not) including previously closed, terminated and/or suspended Account(s);
i) Net Profits: means total amount won on the Exchange less amount lost, and less commission paid.
Matchbook: (a) shall on an ongoing basis review and calculate a customer’s Betting Volume and Betting Profits; (b) may at any time notify any customer who meets and/or exceeds any of the Thresholds and enter into a Consultation Period with the customer in order to discuss the MB Rates; and (c) upon expiry of the Consultation Period and in its discretion determine which MB Rates shall be applied and notify the customer accordingly.
Matchbook reserves the right to charge a customer with the MB Rates upon expiry of the Grace Period.
If a customer for whatever reason does not respond and/or does not enter into discussions with a Matchbook representative for the Consultation Period, Matchbook shall upon expiry of the Grace Period proceed and charge the Customer with the MB Rates (which shall be determined by Matchbook at its sole discretion).
Ouch.
