Purpose:
The purpose of this document is to establish clear and consistent rules for settling bets placed on live betting events by customers of the Online Betting Company.
Scope:
This procedure applies to all employees involved in the settlement of live bets, including Bet Settlers, Odds Compilers, and Customer Service Advisors (CSAs).
Definitions:
- Live Betting: Placing bets on events that are currently in progress.
- Bet Settlement: The process of finalising a bet by determining win or loss and crediting or debiting the customer's account accordingly.
- Odds Compiler: An employee responsible for setting and adjusting odds in real-time during a live event.
- Bet Settler: An employee responsible for finalising the bets after the conclusion of the event.
Responsibility:
Bet Settlers are responsible for settling all live bets accurately and in a timely manner. Odds Compilers are responsible for providing real-time odds that reflect the current state of the event. CSAs are responsible for addressing any customer inquiries related to bet settlement.
Procedure:
Step 1: Monitoring Live Events
1. Odds Compilers must continuously monitor the live event and adjust odds accordingly to reflect the current situation of the game or event.
Step 2: Bet Acceptance
1. Bets can only be accepted up to a cut-off point specified by the Odds Compiler, which is typically just before a significant event (e.g., goal in football, end of a set in tennis) becomes official.
Step 3: Bet Suspension
1. Suspend betting immediately when a significant event occurs or is expected (e.g., penalty awarded, player injury) until the outcome's impact on the game can be assessed.
Step 4: Bet Resumption
1. Resume betting with updated odds as soon as the event's impact has been evaluated and reflected in the odds.
Step 5: Bet Settlement
1. Bet Settlers must settle bets as soon as the outcome is determined.
2. Use official results from reliable and approved sources to settle bets.
3. If an event is interrupted or postponed, follow the company's standard rules for such scenarios, which may include voiding bets or waiting for the event to conclude.
Step 6: Discrepancy Handling
1. In the event of a discrepancy or dispute over the settlement, the Bet Settler should review the bet and event details.
2. If necessary, escalate the issue to the Head of Live Betting for a decision.
Step 7: Customer Communication
1. CSAs are responsible for communicating the settlement rules and any settlement-related issues to the customer.
2. Provide clear explanations for any bet settlement queries and resolve disputes in accordance with company policy.
Step 8: Documentation
1. Document all bet settlements in the betting system with timestamps and details of the event.
2. Record any customer disputes or unusual settlement issues in the CRM system.
Additional Notes:
- Settlement rules may vary depending on the sport or the nature of the bet. Ensure that all employees are aware of the specific rules that apply to each live betting event.
- Maintain transparency with customers by clearly displaying live betting rules on the company's betting platform.
- Stay informed about changes to the rules of the sport or event that could impact bet settlement.
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This document is intended for internal use only and is subject to change. Employees should always ensure they are working with the most current version of this procedure.
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