Payment Terms for JioSports11 Platform
In respect of any bids placed via the JioSports11 Platform Users agree to be bound by the following payment terms:
A User can only place a bid if the User’s JioSports11 Account has a minimum balance that corresponds to the amount the User wishes to bid.
When a User places a bid JioSports11 shall place a hold on the bid amount in the User’s account.
JioSports11 reserves the right to charge a fee for provision of the JioSports11 Services(“Platform Fee”), which would be specified and notified by JioSports11 from time to time. The Platform Fee (inclusive of applicable tax thereon) will be debited from a User’s account balance at the time of determination of the outcome of a specified future event on which the user has placed a bid. JioSports11 shall issue an invoice for such debit to the User.
JioSports11 shall provide, to all Users, sub-accounts that work as a as a closed system pre-paid instrument in the following manner
- Deposits Account – Users can upload real money to pay, in advance, to place bids and for JioSports11 Services. No refunds for any purpose other than JioSports11’s inability to provide JioSports11 Services and/or non-provision of JioSports11 Services shall be allowed once a deposit has been made in the user’s Deposit Account. For avoidance of doubt, any refund issued as per applicable law would be only for the unutilised amount on the user’s Deposit Account and no refund shall be made for the amount that has already been used to place any bids on the JioSports11 Platform.
- Winnings Account – This account is utilized for storing any amounts received by a User upon successfully winning a bids on the Platform. Users may either withdraw the amounts in the Winnings Account for cash or the same may be utilized for pacing further bid. Any amounts in a the Winnings Account can be withdrawn at any time, subject to such limits as JioSports11 may decide in its sole discretion.
- Trading Account – Upon a user making a successful bid, JioSports11 in its sole discretion, shall credit a percentage (which percentage shall be notified to Users from time- to-time) of the original amount used to make a bid to a User’s Trading Account. For avoidance of doubt, upon placing a successful bid, the total amount receivable by a User shall be bifurcated into three parts namely, (a) Winning Amount; (b) Traded Amount; and (c) Platform Fee. The Winning Amount shall be the amount gained by the User for placing a successful bid and the Traded Amount shall be the total amount placed by a User while making a bid. All amounts in a Trading Account can be withdrawn at any time, subject to such limits as JioSports11 may decide and notify to Users, from time-to-time, in its sole discretion. All withdrawals from the Trading Account shall be made after deducting any promotional amounts given to Users at the time of making a deposit in the Deposit Account.
- Promotions Account – JioSports11 from time-to-time may provide additional amounts in the form of promotions as a reward for using the Platform.
All bid amounts shall be debited from the User’s JioSports11 Account and all winning bids shall be credited to the User’s JioSports11 Account after deduction of the Platform Fee.
All amounts in a User’s Deposits Account that are unutilised for a continuous period of 365 days from the date of deposit shall, in accordance with applicable law, be forfeited. Additionally, if a User does not place any bids for a continuous period of 365 days all amounts in the User’s JioSports11 Account (i.e. in the Deposits Account, Trading Account, Winnings Account and Promotions Account) shall be forfeited. JioSports11, in its sole discretion, may choose to reverse such forfeiture, either in whole or part.
JioSports11, may at its sole discretion, fix limits on the amount a user may be allowed to deposit into or withdraw from their JioSports11 Account and define minimum limits which must be met in a User’s Account before allowing a withdrawal. When a User is eligible to withdraw money from their User Account, JioSports11 shall effect an online transfer to the User’s bank account on record with JioSports11 within a commercially reasonable period of time. Such transfer will reflect as a debit to the User’s JioSports11 Account. JioSports11 may charge a processing fee for the online transfer of such an amount from the JioSports11 Account to the User’s bank account on record with JioSports11. Users are required to provide certain “Know Your Customer” (“KYC”) documents in order for JioSports11 to process the withdrawal request. The name mentioned on the User’s KYC document(s) should correspond with the name provided by the User at the time of registration on JioSports11, as well as the name and address existing in the records of the User’s bank account as provided to JioSports11. In the event that no bank account has been registered by the User against such User’s account with JioSports11, or the User has not verified his/her User account with JioSports11, to JioSports11‘s satisfaction and in accordance with these Terms and Conditions, and in case the User fails to register a bank account with his/her User Account and/or to verify his/her User Account, JioSports11 shall not transfer any amounts to the User.
Further, in order to conduct promotional activities, JioSports11 may, from time to time, gratuitously issue certain amounts (“Promotional Balance”) to the User for the purpose of participation on the JioSports11 Platform . The usage of any Promotional Balance issued by JioSports11 to the User shall be subject to the limitations and restrictions as determined by JioSports11 in its sole discretion. The issue of any Promotional Balance to a User is subject to the sole discretion of JioSports11 and cannot be demanded by any User as a matter of right.
Subject to these Terms and Conditions and any additional Terms published by JioSports11 from time to time, Users agree that once they confirm a transaction on JioSports11, they shall be bound by and make payment for that transaction.