Segregation Of Funds
Our Licence from the Gambling Commission of Great Britain requires that we inform customers about what happens to funds which we hold on account for you in the event of insolvency. Further information can be obtained by visiting: https://www.gamblingcommission.gov.uk/public-and-players/guide/page/information-on-customer-funds-your-money.
Customer funds mean the aggregate value of funds held to the credit of customers including, without limitation:
- Cleared funds deposited with the licensee by customers to provide stakes in, or to meet participation fees in respect of, future gambling.
- Winnings or prizes which the customer has chosen to leave on deposit with the licensee or for which the licensee has yet to account to the customer.
- Any crystallised but unpaid loyalty or other bonuses, in each case irrespective of whether the licensee is a party to the gambling contract.
Our Customer funds are held in a specific bank account separated from the Business’s operating accounts. This account is maintained at a level sufficient to cover all customer credit balances, taking into account settlement timing differences with payment providers to ensure that there are always sufficient funds available for customers to withdraw their balances, even in the highly unlikely event of the insolvency of Petfre (Gibraltar) Limited.
Our bank has acknowledged in writing that our customer funds are held in a separate account for this purpose and will not be subject to any bank set off or counterclaims in respect of any Business bank liabilities.
This means that steps have been taken to protect customer funds but that there is no absolute guarantee that all funds will be repaid.
These accounts are proactively monitored and reconciled by our Finance department and are audited by independent internal and external audit teams.
We comply with the requirements of the Gambling Commission of Great Britain, at the ‘Medium’ level rating of customer funds protection, and aggregate account balances are reported to the relevant regulatory authorities on a regular basis.