The What, How, When, Where, Why of Punt Club
Here are a few answers to the more common questions about Punt Club (no, we can’t tell you who’s going to win the Melbourne Cup).
- What is Punt Club?
- How Does it Work?
- How Much Does it Cost?
- How Are Payments Handled?
- Can I Bet With My Own Money?
- Why is My Account Held?
- My Personal Account is Verified – Why is My Club Account Still Held?
- Can I Leave A Club After Joining?
- Who is Behind Punt Club?
- Is My Personal Information Secure?
- How Do We Withdraw Club Money?
- Who Do We Bet With?
What is Punt Club?
Punt Club is a new social betting service designed to make running punters clubs easier than ever before. We’ve automated all of the labour intensive financial management and communication challenges, made betting easy, and have done some heavy lifting on negotiating group deals for the inevitable club outings or bloodstock investment.
How Does it Work?
A captain sets up the club, and invites friends to join. Everyone contributes a fixed amount on a regular basis (usually monthly) as nominated by the captain and agreed to by members, and everyone takes turns betting on behalf of the club. Winners typically get to strut their stuff again with another bet, while losers go to the back of the queue to wait their turn again (though clubs may set their own rules, most of which are supported by the Punt Club platform around how this works).
How Much Does it Cost?
For the duration of our beta trial, it is free to setup and manage your Punt Club. Normal credit card processing fees charged by your bank (not by Punt Club) apply, and if your club elects to notify members of bets and results via SMS, club accounts will have a charge of 20c per SMS applied as they’re used.
How Are Payments Handled?
When you set up a club, or are invited to join a club, you’ll agree to contribute a fixed amount each period (usually monthly). This money is automatically deducted from a Visa or Mastercard credit card as part of an ongoing club subscription. The subscription can be stopped at any time. Members can also make one-off payments to either their own personal betting account, or to their club account, at any time.
Can I Bet With My Own Money?
Yes. Compliance with Anti Money Laundering legislation means that we are obliged to collect the same amount of information from club members as if they had individual accounts, so we figured we might as well setup the personal account so members could back or lay club bets, or place their own bets at their leisure. To fund your personal account, simply log into Punt Club, click through to the betting site from your dashboard, and follow the prompts to Fund My Account. This process is handled separately from your club credit card subscription, and offers a range of payment choices including BPAY, EFT, POLi, and Credit Card.
Why is My Account Held?
Australian legislation requires that the owner of any wagering account must verify their idendity with the licensed wagering operator within 45 days of opening that account. If the account is not ‘verified’, it is restricted – meaning you cannot place bets or withdraw funds until verification is complete. Verification can usually be completed online through the bookmakers website, or you can simply take a photograph of your license/passport and utility statement and email it to them with your personal betting account number and they will remove the restriction.
My Personal Account is Verified – Why is My Club Account Still Held?
A club account is no different to a personal account, and will be restricted if not verified within 45 days. A club account cannot be verified online automatically, but provided the club captain’s personal betting account is verified, the bookmaker will remove any restriction on request. The captain should email them quoting the account number of their verified personal account along with the club account number and they will do the rest.
Can I Leave a Club After Joining?
Life isn’t predictable (otherwise we couldn’t bet on it) and sometimes serves up circumstances that make it difficult to maintain club membership. As nancy as your mates might consider this option, you may leave your club at any time. If this happens, select Manage Account from the dashboard, and follow the prompts to cancel your membership. A Payout Figure is calculated based on what you’ve contributed to the club, it’s win/loss ratio, and any peripheral expenses such as SMS or travel that you’ve purchased in the past. This money is automatically transferred into your personal betting account, where you can either bet with it independently of the club, or withdraw it at your convenience. Make sure you’ve supplied copies of any documentation required under the Australian Government’s credit card security legislation so you can withdraw funds deposited by credit card.
Who is behind Punt Club?
Punt Club is loved and adored by the crew at Via Media, a digital agency based in Adelaide, South Australia. Punt Club is an affiliate of reputable betting agencies. This means that your money is secure, and that we are able to offer Punt Club members fantastic odds, a secure betting environment, and an enormous range of sports to bet on around the world. Punt Club has also negotiated group discounts and premium services from leading sports travel specialist Footy Trips, as well as partnered with globally renowned horseflesh provider Blue Sky Thoroughbreds and Cornerstone Stud, of the Hayes family fame.
Is My Personal Information Secure?
How Do We Withdraw Club Money?
A Captain can use the Propose a Withdrawal feature (inside the Club Settings area) to nominate an amount to withdraw, and members can either accept or reject that proposal. If a member accepts that proposal, your share of the amount is transferred to the captain’s personal betting account where they are able to withdraw it as planned. If a member refects that proposal (or does nothing), their share of the proposed amount is transferred to their own personal betting account where they can withdraw it or use it at their discretion.
Who Do We Bet With?
Punt Club simply handles all the group finances, reporting and communications – we are not a wagering operator. We provide integrations with both Luxbet and Ladbrokes that make your punters club experience seamless and secure, while complying with all the relevant regulatory requirements. You simply choose which operator you want at the time you create your club and you’ll place bets with that bookie moving forward.