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Rule Book 4C — Directive on Cryptocurrency Markets

Updated

  

1. General

1.1. Introduction

Cryptocurrency Markets are a product offered by Bet Right that allows wagering on approved cryptocurrency price movements and related contingencies. This Directive establishes the rules governing the acceptance, settlement, and resulting of bets placed on Cryptocurrency Markets offered by Bet Right.

Subject to this Directive and the Rule Book, Cryptocurrency Markets are available on approved digital asset price movements and other declared cryptocurrency-related events and contingencies as determined by Bet Right from time to time, and in accordance with regulatory approvals granted by the Northern Territory Wagering Commission (NTWC).

Betting on the price of cryptocurrency is a declared sporting event under section 167(1) of the Racing and Wagering Act 2024 (NT), declared by the Commission on 2 July 2026. The contingencies offered by Bet Right on that event under this Directive are subject to all applicable Commonwealth, state, and territory laws including the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act).

1.2. Scope and Application

This Directive applies to all Cryptocurrency Markets offered by Bet Right and forms part of the Rule Book. In the event of inconsistency between this Directive and the general provisions of the Rule Book, the specific rules contained in this Directive will prevail in relation to Cryptocurrency Markets.

All bets placed in Cryptocurrency Markets are subject to the Rule Book including but not limited to Rule Book 2 (Betting Account), Rule Book 3 (Betting and Wagering), and Rule Book 5 (Directive on Surveillance, Privacy and Data Protection).

1.3. Regulatory Framework

Bet Right offers Cryptocurrency Markets in compliance with:

  • the Racing and Wagering Act 2024 (NT) or applicable Northern Territory legislation;
  • the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth);
  • the Interactive Gambling Act 2001 (Cth);
  • the National Consumer Protection Framework for Online Wagering (NCPF);
  • the NT Code of Practice for Responsible Service of Online Gambling 2019;
  • any conditions imposed by the Northern Territory Wagering Commission; and
  • any other applicable Commonwealth, state, or territory legislation.

1.4. Approved Cryptocurrency Assets

Cryptocurrency Markets are available on the following cryptocurrency assets as determined by Bet Right:

  • Bitcoin (BTC);
  • Ethereum (ETH); and
  • such other cryptocurrency assets as may be approved by the NTWC from time to time.

Bet Right may add, remove or modify the cryptocurrency assets available for Cryptocurrency Markets at any time, subject to the terms and conditions of wagering endorsed by the Commission adequately addressing the intended markets and to any approval required from the Director of Racing and Wagering under section 163 of the Racing and Wagering Act 2024 (NT).

2. Definitions and Interpretation

2.1. Definitions

In this Directive, unless the context otherwise requires:

15 Minute Market means an Intraday Market with a Settlement Period of 15 minutes.

Approved Exchange means FEX Global Pty Ltd, the holder of an Australian Market Licence pursuant to section 795B of the Corporations Act 2001 (Cth), being the provider of the licensed benchmark indices used for determining cryptocurrency settlement prices under this Directive. FEX Global's indices for Bitcoin (BTC/USD) and Ethereum (ETH/USD) are licensed from Kaiko Indices and constitute the authoritative source of truth for all Reference Prices under this Directive.

Base Currency means Australian Dollars (AUD) or United States Dollars (USD) as specified in the relevant market.

Closing Price means the price of the relevant cryptocurrency asset at the specified settlement time as determined from the Approved Exchange, and in the case of an Intraday Market means the Reference Price determined in accordance with rule 5.2(f).

Cryptocurrency Asset means a digital or virtual currency that uses cryptography for security and operates on a decentralised network, being one of the approved cryptocurrency assets listed in rule 1.4.

FEX Global Index means the relevant cryptocurrency price index published by FEX Global Pty Ltd, licensed from Kaiko Indices, being the KK_BRR_BTCUSD index for Bitcoin/USD or the KK_BRR_ETHUSD index for Ethereum/USD as applicable to the relevant market.

Intraday Market means a Cryptocurrency Market with a Settlement Period of less than 24 hours, including a 15-Minute Market.

Opening Price means the price of the relevant cryptocurrency asset at the Opening Time as determined from the Approved Exchange, and in the case of an Intraday Market means the Reference Price determined in accordance with rule 5.2(f) as at the Opening Time.

Opening Time means the time specified in the market conditions at which the Settlement Period commences.

Price Movement Market means a market where the client wagers on whether the price of a cryptocurrency asset will increase, decrease, or remain within a specified range over a defined period.

Reference Price means the price of a cryptocurrency asset at a specified time as determined from the Approved Exchange and used for settlement purposes, and in the case of an Intraday Market means the price determined in accordance with rule 5.2(f).

Settlement Period means the period specified in the market during which the price movement is measured, which may be expressed in minutes, hours, days or months.

Settlement Time means the date and time at which the market is settled, as specified in the market conditions.

Settlement Window means the period of 60 seconds immediately preceding the Settlement Time.

2.2. Interpretation

  • All monetary amounts in Cryptocurrency Markets are expressed and settled in Australian Dollars (AUD) unless otherwise specified.
  • References to times are to Australian Eastern Standard Time (AEST) or Australian Eastern Daylight Time (AEDT) as applicable, unless otherwise specified.
  • References to prices are to the price as quoted on the Approved Exchange(s) in the Base Currency specified in the market.

3. Market Types

3.1. Price Direction Markets

Price Direction Markets allow clients to wager on whether the price of an approved cryptocurrency asset will be higher or lower at the Settlement Time compared to the Reference Price.

  • Higher/Lower Markets: The client selects whether the Closing Price will be higher or lower than the Opening Price or specified Reference Price.
  • The market is settled in accordance with the prices obtained from the Approved Exchange(s) at the relevant times.
  • If the Closing Price is exactly equal to the Opening Price or specified Reference Price, bets are voided and stakes refunded. Affected Multi-Bets will be recalculated excluding that leg. For the purpose of this rule, the comparison is made to the full number of decimal places published by the Approved Exchange and no rounding is applied.
  • In an Intraday Market, the Opening Price is determined as at the Opening Time and the Closing Price is determined as at the Settlement Time, in each case in accordance with rule 5.2(f).

3.2. Price Range Markets

Price Range Markets allow clients to wager on whether the price of an approved cryptocurrency asset will fall within, above, or below specified price ranges at the Settlement Time.

  • The price ranges are specified in the market conditions at the time of bet placement.
  • Settlement is determined by the Reference Price at the Settlement Time.
  • The Dead-Heat Rule does not apply to Price Range Markets.

3.3. Price Milestone Markets

Price Milestone Markets allow clients to wager on whether an approved cryptocurrency asset will reach a specified price level during the Settlement Period.

  • The milestone price level is specified in the market conditions at the time of bet placement.
  • The market is settled as soon as the milestone price is reached as published by the FEX Global Index, regardless of subsequent price movements. A price reached on a constituent spot exchange but not reflected in the published FEX Global Index value does not constitute the milestone price being reached.
  • If the milestone price is not reached during the Settlement Period, bets on the milestone being reached are settled as losing bets.

3.4. Settlement Period Markets

Bet Right may offer Cryptocurrency Markets with various Settlement Periods including but not limited to:

  • 15 Minute Markets (15 minute settlement period);
  • Intraday Markets (settlement period of less than 24 hours, including hourly markets);
  • Daily Markets (24-hour settlement period);
  • Weekly Markets (7-day settlement period);
  • Monthly Markets (calendar month settlement period);
  • Quarterly Markets (calendar quarter settlement period);
  • Annual Markets (calendar year settlement period);
  • Event-specific Markets (settlement upon occurrence of a specified event).

For an Intraday Market, the Opening Time and the Settlement Time are specified in the market conditions, and the Settlement Period commences at the Opening Time and ends at the Settlement Time.

4. Placing Bets

4.1. General

  • Bets on Cryptocurrency Markets can be placed online at the Bet Right website and mobile Apps in accordance with Rule Book 3.
  • Bets on Cryptocurrency Markets can only be placed online via Bet Right's website or mobile Apps and cannot be placed via the telephone betting service.
  • You bear all risks in relation to all bets placed with Bet Right on Cryptocurrency Markets and you acknowledge that all bets placed are at your discretion and the result of your decision.
  • You agree that it is your responsibility, and at your risk and liability, to check and ensure all the details of the bet placed are as you intended.

4.2. Minimum and Maximum Stakes

The minimum and maximum stakes for Cryptocurrency Markets are as follows:

  • Minimum stake for single bets: $1.00.
  • Maximum stake per single bet: as determined by Bet Right from time to time and displayed in the market.
  • Maximum payout per client per market: $50,000 unless otherwise specified.
  • Bet Right reserves the right to limit stakes and payouts in its absolute discretion in accordance with Rule Book 3, rule 1.2(b).

4.3. Bet Acceptance

  • A bet that you request will only be valid once accepted by Bet Right’s servers in accordance with Rule Book 3, rule 3.1.
  • Bet Right may, in its absolute discretion, decline a bet, or all or part of the bet, placed on any Cryptocurrency Market.
  • Bet Right reserves the right to limit or refuse bets from any client without providing a reason.

5. Price Determination and Data Sources

5.1. Approved Exchanges

Bet Right uses prices from the Approved Exchange for the purpose of determining Reference Prices and settling Cryptocurrency Markets. The Approved Exchange is:

  • FEX Global Pty Ltd, whose BTC/USD and ETH/USD indices are licensed from Kaiko Indices and published by FEX Global as its official settlement indices.

The FEX Global Indices are the sole authoritative source for determining Reference Prices under this Directive. Bet Right reserves the right to change the Approved Exchange at any time with prior notification published on the Bet Right website, subject to any required regulatory approval from the NTWC.

5.2. Price Calculation

  • The Reference Price for settlement purposes is the value of the relevant FEX Global Index (BTC/USD or ETH/USD as applicable) at the Settlement Time, as sourced by FEX Global Pty Ltd under its licence from Kaiko Indices.
  • The FEX Global BTC/USD and ETH/USD indices are derived from the Kaiko Benchmark Reference Rates published by Kaiko Indices, a BMR-registered independent benchmark administrator. The specific rates licensed by FEX Global are:
    • Bitcoin/USD: Kaiko Benchmark Reference Rate (KK_BRR_BTCUSD); and
    • Ethereum/USD: Kaiko Benchmark Reference Rate (KK_BRR_ETHUSD)
  • The Kaiko Benchmark Reference Rates are constructed using the following methodology:
    • Data sources: Trade data is aggregated from multiple constituent spot exchanges selected by Kaiko Indices through a strict exchange due diligence process that assesses liquidity, regulatory compliance, and data reliability. The list of constituent exchanges is subject to quarterly review by Kaiko Indices;
    • Aggregation: The rate is calculated using a volume-weighted median of trade prices combined with a time-weighted average price (TWAP) across the constituent exchanges, designed to produce a fair and manipulation-resistant price;
    • Publication frequency: The rate is calculated continuously in real-time (at minimum every 5 seconds) and published as a daily fixing at specified times; and
    • Methodology documentation: The full index methodology, factsheets, and constituent exchange composition are publicly available at www.kaiko.com/indices-resources.
  • The FEX Global Index value transmitted to Bet Right at the Settlement Time is the sole input used to determine the Reference Price. No averaging with other data sources is applied.
  • Bet Right's determination of the Reference Price by reference to the FEX Global Index is final and binding subject to the dispute resolution provisions in rule 12.1.
  • For an Intraday Market, the Reference Price at the Opening Time and at the Settlement Time is the last FEX Global Index value published during the Settlement Window ending at that time. If no value is published during the Settlement Window, the Reference Price is the last value published by the FEX Global Index before that window, provided it was published within the preceding 5 minutes. If no such value is available, rule 5.3 applies.

5.3. Price Discrepancies

  • In the event that the FEX Global Index is unavailable or fails to publish a value at the Settlement Time, Bet Right may delay settlement until the FEX Global Index value can be confirmed.
  • If the FEX Global Index value cannot be confirmed to Bet Right's satisfaction within a reasonable time, Bet Right may void the market and refund stakes.
  • In the event of a material error in the published FEX Global Index value, Bet Right will defer to Kaiko Indices' published methodology and any correction or restated value issued by Kaiko Indices or FEX Global.
  • Bet Right’s decision in relation to price discrepancies is final subject to rule 12.1.

6. Settlement

6.1. General Settlement Rules

  • Bet Right will make every effort to ensure bets are settled as quickly as possible after the Settlement Time.
  • Settlement is based on the Reference Price at the Settlement Time as published by the FEX Global Index and determined by Bet Right.
  • Bet Right’s determination of the settlement outcome is final and binding subject to rule 12.1.

6.2. Settlement Timing

  • Bets will typically be settled within one (1) hour of the Settlement Time, subject to availability of price data from the Approved Exchange(s).
  • In the event of uncertainty surrounding a result, Bet Right may delay settlement until the uncertainty can be resolved to Bet Right’s satisfaction.
  • If uncertainty regarding settlement cannot be resolved to Bet Right’s satisfaction, Bet Right may void the market and refund stakes.

6.3. Resettlement

  • Bet Right may void or resettle markets should new information become available indicating an error in the original settlement.
  • Bet Right may reverse the settlement of a market if the market is settled incorrectly due to error (technical or human) which may or may not result in a reversal of payouts made.
  • If Bet Right resettles a market, this may lead to changes made to your Betting Account balance including either credit or debit changes in accordance with Rule Book 3, rule 7.2(f).

7. Voiding of Bets

7.1. General Voiding Provisions

Bets placed in Cryptocurrency Markets may be voided in the following circumstances:

  • if and when there is evidence that the integrity of the market has been compromised;
  • if and when there is evidence of market manipulation affecting the Reference Price;
  • if and when an obvious mistake has been made in the pricing or display of the market;
  • if and when the Approved Exchange(s) are unavailable or provide unreliable data at the Settlement Time;
  • if and when a material technical issue affects the Approved Exchange(s) or Bet Right’s systems;
  • if and when a hard fork, chain split, or other material change to the underlying cryptocurrency protocol occurs;
  • if and when regulatory action or legal proceedings affect the cryptocurrency asset or market;
  • if and when Bet Right is requested to do so by a regulatory authority; or
  • in accordance with the provisions of Rule Book 2, rule 1.7 and Rule Book 3, rule 4.

7.2. Effect of Voiding

  • If a bet is voided, the stake will be refunded to the client’s Betting Account.
  • Affected Multi-Bets will be recalculated excluding the voided leg.
  • Bet Right will notify affected clients of voided bets where practicable.

8. Market Suspension

8.1. Suspension Circumstances

Bet Right reserves the right to suspend Cryptocurrency Markets in the following circumstances:

  • significant price volatility or market disruption;
  • technical issues with the Approved Exchange(s);
  • regulatory announcements or actions affecting the cryptocurrency asset;
  • security breaches or hacking incidents affecting the cryptocurrency asset or Approved Exchange(s);
  • hard forks, chain splits, or protocol changes;
  • material changes to the liquidity or trading volume of the cryptocurrency asset;
  • any other circumstance that may compromise the integrity of the market; or
  • in accordance with Rule Book 3, rule 6.1.

8.2. Effect of Suspension

  • During a market suspension, no new bets will be accepted on the affected market.
  • Existing bets will remain valid unless voided in accordance with rule 7.1.
  • Bet Right will endeavour to resume markets as soon as practicable after the circumstances giving rise to the suspension have been resolved.

9. Multi-Bets

9.1. Multi-Bet Eligibility

Selections from Cryptocurrency Markets may be included in Multi-Bets subject to the following conditions:

  • Cryptocurrency Market selections may be combined with selections from other sports and racing markets.
  • Multi-Bets including Cryptocurrency Market selections are subject to the rules and limits in Rule Book 4, rule 2.2.
  • The maximum payout for Multi-Bets including Cryptocurrency Market selections is $250,000 per Multi-Bet combination.
  • Dependent or related contingencies from the same cryptocurrency asset or market cannot be combined in a Multi-Bet.

9.2. Multi-Bet Voiding

  • If a Cryptocurrency Market leg is voided, the final dividend will be recalculated to exclude that leg.
  • The remaining legs of the Multi-Bet will be settled in accordance with the applicable rules.

10. Risk Disclosure

10.1. Cryptocurrency Volatility

Clients acknowledge and accept that:

  • Cryptocurrency assets are highly volatile and prices can change significantly over short periods.
  • Past price performance is not indicative of future results.
  • Cryptocurrency markets operate 24 hours a day, 7 days a week, and prices may move significantly when traditional markets are closed.
  • Cryptocurrency assets may be affected by regulatory actions, technological changes, security breaches, and other factors beyond Bet Right’s control.

10.2. No Financial Advice

Bet Right does not provide financial, investment, or trading advice. Wagering on Cryptocurrency Markets is gambling and should not be considered as an investment activity. Clients should seek independent financial advice before wagering on Cryptocurrency Markets.

11. Safer Gambling

11.1. Safer Gambling Provisions

All safer gambling provisions contained in the Rule Book apply to Cryptocurrency Markets, including:

  • voluntary pre-commitment facility for deposit limits in accordance with Rule Book 2, rule 3.1(d);
  • self-exclusion facilities including BetStop in accordance with Rule Book 7, rule 3.1;
  • activity statements; and
  • compliance with the National Consumer Protection Framework (NCPF).

11.2. Additional Safeguards

Due to the volatile nature of cryptocurrency assets, Bet Right may implement additional safer gambling safeguards for Cryptocurrency Markets including:

  • specific loss limits for Cryptocurrency Markets;
  • cooling-off periods for clients exhibiting concerning gambling behaviour;
  • mandatory information about cryptocurrency volatility displayed to clients; and
  • proactive client contact where concerning patterns are identified.

12. Disputes

12.1. Dispute Resolution

  • Disputes relating to Cryptocurrency Markets are subject to the dispute resolution procedures in Rule Book 7.
  • In the event of a dispute regarding the Reference Price or settlement outcome, the published FEX Global Index value (being the KK_BRR_BTCUSD or KK_BRR_ETHUSD Kaiko Benchmark Reference Rate as applicable) as recorded by Bet Right at the Settlement Time will be the ultimate authority.
  • Disputes may be referred to the Northern Territory Wagering Commission in accordance with Rule Book 7, rule 1.3.

13. Amendments

Bet Right reserves the right to amend this Directive from time to time in accordance with Rule Book 1, rule 1.7. All changes will be published by Bet Right on the appropriate media and may require regulatory approval.

 

Version: 1.0

Date: 20.10.2026

Revision History

Version Date Author Changes
1.0 20.10.2026 LRGC New Rules for Crypto markets

 

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