1. Payments and Accounts: General Overview
1.1. Every User Account created on the Covered Platforms shall comprise of three types of accounts namely, ‘Deposit Account’, ‘FanCash Account’, and ‘Winnings Account’ (collectively, “Accounts”). Any amount reflected in the Accounts shall be on notional basis, and as such all amounts received by Fantain will be deposited and maintained in a separate account in accordance with the Terms and Conditions including this Credit and Debit Policy. Upon conclusion of a Fantasy Game, all amounts received by Fantain in the aforementioned separate account will either be transferred to the relevant accounts of various Users in accordance with this Credit and Debit Policy and to Fantain’s account to the extent of Platform Fees due to it, and the Accounts of all participating Users of such concluded Fantasy Game shall be accordingly debited and/or credited, as the case may be.
2. Deposit Account
2.1. In order to participate in the Paid Games, a new User (for existing user, the amount will be debited as per this policy) must add money to his Deposit Account (such amount, the “Deposit”) if he/she does not have any FanCash.
2.2. Subject to adherence to the Terms and Conditions, the amount of Deposit available for your use on the Covered Platforms shall at all times be reflected in your User Account. At Fantain’s discretion, a ceiling limit may be imposed on the amount of Deposit that may be added by a user, details of which shall be disclosed on the Covered Platforms as and when applicable. The Deposit may only be used on the Covered Platforms solely for payment of the Platform Fees and Prize Contribution for a Paid Game or for payment of any Services, and once added by a User, it cannot be encashed, or transferred to any other person, except as provided under this Credit and Debit Policy.
2.3. Once an amount is debited from your Deposit Account towards payment of the Platform Fees and Prize Contribution for a Paid Game or payment of any Services, such amount can neither be withdrawn nor can it be credited back to your Deposit Account or to your personal bank account, in any case except in certain exception circumstances (such as cancellation of the underlying Sporting Event or cancellation of the Paid Game in accordance with the Game Specific Rules). In all such exceptional circumstances, the Platform Fees and Prize Contribution paid for the relevant Paid Game will be refunded to the User’s Deposit Account.
· you are legally authorized to provide such information;
· you are legally authorized to make payments from the payment card account;
· such action does not violate the terms and conditions applicable to your use of such payment card account or any Applicable Law;
· you are responsible for any fees charged by your mobile carrier or internet service provider in connection with your use of the payment services.
2.5. Fantain shall use the payment card information only for the purposes of or in connection with the use of the Covered Platform or the Services
used by a User. You may add, delete, and edit the payment card account information you have provided from time to time; provided however that payment card account information shall at all times be valid, correct and accurate. Except to the extent otherwise required by the Applicable Law, Fantain is not liable for any payments authorized through the Covered Platforms using your payment card information. Particularly, Fantain is not liable for any payments that do not complete because:
· your payment card account does not contain sufficient funds to complete the transaction or the transaction exceeds the credit limit of the payment card account;
· you have not provided the Fantain with correct payment card information;
· your payment card has expired;
· any circumstance beyond Fantain’s control (such as, but not limited to, power outages, interruptions of cellular service, or any other interferences which are not under Fantain’s control) prevents the completion of the transaction.
2.6. The amount reflected in your Deposit Account (notionally or otherwise) shall expire and stand forfeited to Fantain, in instances where any the following conditions are fulfilled:
· you have not accessed your User Account or participated in any Paid Game for a continuous period of 1 (one) year, which reasonably reflects your intention to no longer use the Covered Platforms or participate in any Paid Games. We shall notify you at least 1 (one) month prior to which your Deposit is due to expire, along with the date of expiration. Notices may be sent to you every 7 (seven) days’ thereafter as well by way of a notification on your User Account and via your registered email address. You shall be provided with sufficient time, which shall be clearly indicated in such notification, to utilize Deposit remaining in your Account, if you desire;
· in addition to the above: any (i) material breach by you of any of the Terms and Conditions, including the Game Specific Rules, or (ii) act to commit fraud against Fantain in any manner whatsoever, shall also result in a forfeiture of the amounts in the Deposit Account along with any prize money due to you (if any) as on such date.
3. FanCash Account
3.1. This account shall hold all notional/virtual currency issued by Fantain or its affiliate partners as part of its promotional activities (such notional currency, “FanCash”, and such account, the “FanCash Account”) for playing Fantasy Games. FanCash is a virtual currency that has the following specific characteristics:
· it has no monetary value outside the Covered Platforms and its only purpose is to allow participation in a Paid Game;
· it has a prescribed expiry date by which it should be used on the Covered Platform, failing which the FanCash shall stand extinguished;
· it cannot be converted to real money and withdrawn, except where such FanCash is used to participate in a Paid Game, and such User wins cash Prize (which will be deposited into the Winnings Account);
· its issuance is discretionary in nature, and it may also issued to a User as part of loyalty program instituted by Fantain from time to time;
4. Winnings Account
4.1. When a User wins a Paid Game, the payout or winning amount as determined by Fantain, will be deposited (post deduction of all applicable taxes) in the User’s winning account (such amount, “Winnings”, and such account, the “Winnings Account”). The key characteristics of this account are:
· All amounts received/credited into Winnings Account can be withdrawn by the User;
· it can also be used for payment of Platform Fees and Prize Contribution for a Paid Game;
· it cannot be transferred or otherwise shared with any other Users on the Covered Platforms;
· Winnings is determined by Fantain, and credited in Winnings Account of a User on the basis on such User’s performance in a Paid Game.
4.2. A User has the option, with respect to his/her Winnings, to have the Winnings transferred to his/her authorized bank account, either in part or in full;
4.3. Any encashment of the Winnings shall be subject to satisfactory completion of the verification procedure established by Fantain. The verification process has been put in place to ensure that the User has complied with all Terms and Conditions of the Covered Platform and applicable laws and may be altered/changed by us from time to time.
5. Priority of Accounts for payment of Entry Fees for a Paid Game
5.1. Fantain permits its Users to exercise personal discretion in customizing the priority of their Accounts while paying the Platform Fees and Prize Contribution for Paid Games (“Customized Priority Accounts”). The Covered Platforms shall provide the User with an option to set their own Customized Priority Accounts. However, if the User chooses not to use the Customized Priority Accounts option, Fantain shall use the following default priority structure for utilization of amounts available in the Accounts, for payment of Entry Fees (“Default Priority Accounts”):
· Priority 1: FanCash Account: When there is sufficient FanCash available in a User’s FanCash account to pay Platform Fees and Prize Contribution for a Paid Game, it will be completely used before any other account is debited (i.e. FanCash Account debited in priority to Deposit Account and Winnings Account);
· Priority 2: Deposit Account: Money deposited by a User in his account will be used to pay for Platform Fees and Prize Contribution for a Paid Game he wishes to participate in. This money will be used above and beyond the amounts available in the FanCash account;
· Priority 3: Winnings Account: The Winnings Account is the last account from which amount will be utilized for payment of Platform Fees and Prize Contribution for a Paid Game. Once the first two options are exhausted then the Winnings Account will be utilized for such payment.
5.2. In a typical Paid Game, if the Platform Fee or Prize Contribution is higher than the amount available in any one account, the total amount available in a higher priority account will be completely utilized before the next priority account will be used. The following illustrations aid in understanding how payments will be made on the aforesaid priority basis:
Platform Fee and Prize Contribution – 20: Balance after entry in various accounts
Platform Fee and Prize Contribution – 10: Balance after entry in various accounts