Terms of Service

These Terms of Service are entered into between you (“the customer”, “you”) and 3-102-947650 SRL, and with an Internet Gaming License application in Anjouan pending (“Magic Markets”, “we”, “us” or “our”). 

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These Terms of Service govern your access to and use of our peer-to-peer matching platform, upon which customers can place bets with each other or with authorised liquidity providers, available at magicmarkets.com (together the “Exchange”). 

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By registering an account or otherwise using the Exchange, you agree to be legally bound by these Terms of Service.

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Introduction

1.1. These Terms of Service may be presented in various languages other than English, and such versions are for reference only. In the event of any differences or conflict between the English version of the Terms of Service (accessible from the homepage of the Exchange) and a version in any other language, the English version shall prevail.

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Agreement

2.1. By using the Exchange and/or opening an account with Magic Markets you are agreeing to these Terms of Service and you agree to comply with them. You are bound by these Terms of Service and our Privacy Policy that are hereby incorporated by reference into these Terms of Service. If there is any inconsistency between these Terms of Service and any document incorporated by reference, these Terms of Service will prevail.

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2.2. We may make amendments to these Terms of Service from time to time. It shall be your sole responsibility each time you use the Exchange to check for any amendments, updates and/or modifications.  Your continued use of the Magic Markets services and Exchange after any such amendment to the Terms of Service will be deemed to be your acceptance and agreement to be bound by such amendments, updates and/or modification to these Terms of Service.

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2.3. If you do not agree with any of these Terms of Service, including any document incorporated by reference, you must not use the Exchange or attempt to register with Magic Markets.

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We may suspend or withdraw the Exchange

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3.1. We do not guarantee that the Exchange, or any content on it, will always be available or be uninterrupted. We may suspend or withdraw or restrict the availability of all or any part of the Exchange for business and operational reasons. We will try to give you reasonable notice of any suspension or withdrawal.

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We may transfer these Terms of Service to someone else

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4.1. We may transfer our rights and obligations under these Terms of Service to another organisation. We will always tell you in writing if this happens and we will ensure that the transfer will not affect your rights under this agreement.

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Binding Declarations

By agreeing to these Terms of Service, you hereby represent and warrant that:

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5.1. You are over (a) 18 or (b) such other legal age or age of majority as determined by any laws which are applicable to you, whichever age is greater.

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5.2. You have full capacity to enter into a legally binding agreement with us and you are not restricted by any form of limited legal capacity.

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5.3. You understand that by using our services you may lose cryptocurrency on bets placed on the Exchange and accept that you are fully responsible for any such loss.

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5.4. You will not use our services or the Exchange while located in any jurisdiction that prohibits the placing and/or accepting of bets denominated in cryptocurrency online.

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5.5. You are permitted in the jurisdiction in which you are located to place bets on the Exchange.

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5.6. You are not depositing cryptocurrency which originates from criminal and/or other illegal and/or unauthorised activities and/or intending to use your account in connection with such activities and that you shall not use and/or allow other persons to use the services provided by us or your account for any criminal and/or otherwise unlawful activities including, without limitation, money laundering, under any law applicable to you or us.

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5.7. You will not use any device, robot, spider, software, routine or other method (or anything in the nature of the foregoing) to interfere or attempt to interfere with the normal proper functioning of our services, any relevant device(s), software, the Exchange, any betting information or any transactions offered on the Exchange and in particular will not employ or make use of any artificial intelligence or other system (including machines, computers, software or any other automated systems) designed specifically to defeat the Magic Markets systems and will not collude or attempt to collude with other customers in order to defraud Magic Markets or its customerswith authorised liquidity providers. The result of any of the above mentioned activities will result in all bets being void and accounts permanently blocked. 

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5.8. You are not an officer, director, employee, consultant, affiliate or agent of Magic Markets or working for any company related to Magic Markets, or a relative or spouse of any of the foregoing.

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5.9. You are not diagnosed or classified as a compulsive or problem gambler or consider yourself to be the same.

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Privacy

6.1. Information that you provide to us will be kept confidential and otherwise processed in accordance with our Privacy Policy, accessible on our website.

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6.2. By agreeing to these Terms of Service, you agree that you have read, understood and agree to be bound by our Privacy Policy.

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Accounts and Pay-outs

7.1 Your Account:

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7.1.1. Before you are able to start betting on the Exchange, we will require you to first register with us.

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7.1.2. We do not accept registration from persons resident in jurisdictions that prohibit you from participating in online sports betting or using cryptocurrency for these purposes.

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7.1.3. You agree that at all times when using the Exchange, including making requests for withdrawal or transfers of funds, you are not physically located in any of the following countries (each a "Prohibited Jurisdiction”): China, Comoros, Costa Rica, Cuba, France, Hong Kong, Iran, Myanmar, Netherlands, North Korea, Singapore, Spain, Syria, UK, USA, and Ukraine (Crimea, Donetsk and Luhansk regions).

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7.1.4. Magic Markets expressly prohibits and rejects the use of the Exchange for any illegal activity, including money laundering, terrorist financing or trade sanctions violations, consistent with various jurisdictions' laws and regulations. The Exchange is not offered to individuals or entities subject to United States, European Union, United Nations or other sanctions or watchlists and you represent and warrant that you are not subject to any such sanctions or watchlists.

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7.1.5. We reserve the right to conduct such checks at any time as we deem necessary to verify compliance with Sections 7.1.3. and 7.1.4.

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7.1.6. You agree to provide complete and accurate registration information to us. You agree to inform us promptly, in writing, of any changes to such information.

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7.1.7. You authorise us to use any means that we consider necessary to verify your identity and creditworthiness with any third party providers of information.

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7.1.8. You will inform us as soon as you become aware of any errors with respect to your account or any calculations with respect to any bet you have placed. We reserve the right to declare null and void any bets that are the subject of such an error.

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7.1.9. We reserve the right to apply a handling charge of up to 5% on deposits and withdrawals to cover transaction costs.

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7.1.10 We reserve the right to suspend player accounts that have been inactive for more than 12 months.  If your account has been suspended, please contact support@magicmarkets.com for instructions on how to reactivate your account.

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7.1.11 Only one account per customer / IP / household is allowed. If you attempt and/or successfully open more than one account, all of your accounts may be blocked, suspended or closed and any cryptocurrency credited to your account frozen.

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7.2. Security:

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7.2.1. If you register with us via the Exchange, upon completion of registration, we will confirm by email to the email address you have supplied that your account is open.

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7.2.2. On registration via the Exchange, you will be required to choose a password for use on the Exchange.

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7.2.3. You agree to keep your password confidential and that you are responsible for any misuse of your password. You must not disclose your account details or password to any third party. Any losses suffered due to a third party using your account will not be refunded by us and further you shall have full responsibility for any third party using your account details and shall hold us harmless in respect of any damages arising.

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7.2.4. You agree to inform us at once by email if you know or believe that your account information is being misused by a third party so that we may suspend your account.

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7.2.5. We recommend that you disable any automatic password memory in your browser prior to use. This will help to limit the risk of unauthorised use of your account.

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7.2.6. We have the right to disable any user identification code or password, whether chosen by you or allocated by us, at any time, if in our reasonable opinion you have failed to comply with any of the provisions of these Terms of Service.

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7.3. Funds:

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7.3.1. Magic Markets only accepts the cryptocurrencies as listed on its deposit pages or elsewhere on the Exchange, in each case at the time of deposit.

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7.3.2. The details you will need to make your deposits are available on the Exchange in the My Account and Deposit pages.

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7.3.3. We do not extend credit for the use of our services.

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7.3.4. Magic Markets is not a banking institution. You will not be paid interest on any outstanding account balances.

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7.3.5. Should your account become overdrawn due to a duplicate payment error, for example, if a withdrawal request being processed twice for whatever reason, you agree to fully reimburse Magic Markets for any such overdrawn amounts.

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7.3.6. We reserve the right to deduct any incurred costs for deposits from any amount of cryptocurrency that you withdraw, if such costs exceed the net revenue generated by you from the date upon which you first deposit cryptocurrency with us.

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7.3.7. Your Magic Markets wallet is intended solely for proper use of supported cryptocurrencies as designated on the Exchange from time to time (“Supported Coins”). Under no circumstances should you attempt to use your Magic Markets wallet to store, send, request, or receive any cryptocurrencies other than Supported Coins. We assume no responsibility in connection with any attempt to use your Magic Markets wallet with cryptocurrencies that we do not support. You acknowledge and agree that we are not liable for any unsupported cryptocurrency that is sent to your Magic Markets wallet. We reserve the right to terminate support for any particular Supported Coin at our sole discretion. If you have any questions about our current list of Supported Coins, please contact support@magicmarkets.com.

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7.4. Account Balance:

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7.4.1. Our calculations of your account balance under these Terms of Service will be final and, in the absence of any manifest error, will not be subject to any enquiry or investigation.

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7.4.2. We reserve the right to close your account and to refund to you the account balance at our sole and absolute discretion and without any obligation to state a reason or give prior notice.

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7.5. Client Account Management:

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7.5.1. All winnings will be held for the use of your account following confirmation of the relevant result.

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7.5.2. Any amounts which are mistakenly credited as winnings to your account remain the property of Magic Markets and will automatically be transferred from your account upon the error being detected. Any winnings mistakenly credited to your account yet withdrawn by you will constitute a debt owed by you to Magic Markets in the amount of such wrongfully attributed winnings.

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7.5.3. You may withdraw any amount up to the account balance in your account by issuing us with a valid notice of withdrawal in the manner specified in the My Account page of the Exchange.

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7.5.4. Unless announced specifically, Magic Markets does not support forked protocols, coins or tokens which supplement or interact with cryptocurrencies which we support. You should not use your Magic Markets account to attempt to receive, request, send, store, or engage in any type of transaction related to a fork. Cryptocurrencies may be subject to sudden changes in operating rules due to forks, and such forks may materially affect the function, value and/or the name of the cryptocurrency you store in your Magic Markets wallet. Where possible, we may provide you with notices or alerts on forks, and you must read such notices or alerts received from us in order that you may consider how to deal with upcoming forks. However, it is your sole responsibility to make yourself aware of and consider how to deal with forks. In the event of a fork, there is a risk that we may be required to temporarily suspend operations related to that fork without providing notice to you in advance. We reserve the right to decline support for either or both branches of a fork. You acknowledge the risks associated with forks and you accept that Magic Markets bears no responsibility to assist you to sell or move a branch of a forked protocol.

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7.5.5. We will not accept withdrawal requests made otherwise than via the facilities provided in the My Account pages of the Exchange. Our employees and any agents are not authorised to effect movements of cryptocurrency in any other manner.

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7.5.6. Payment of any taxes, fees, charges or levies that may apply to your winnings under any applicable laws shall be your sole responsibility.

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7.5.7. Your winnings from settled bets are credited to your account and may be withdrawn in accordance with our withdrawal policy and if required by us, upon further verification of your CDD information (please refer to Section 31)

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7.5.8. If you wish to request a refund, you need to do so within the first 24 hours of the transaction in question for it to be considered (or within 30 calendar days if you claim that another person has gained access to your account).

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General Exchange Terms

8.1. The Exchange is a peer-to-peer matching platform upon which customers can place bets with each other and/or with authorised liquidity providers. When a customer places a bet via the Exchange, that bet may be matched either (i) directly with another customer placing a corresponding bet, or (ii) with one of our authorised third-party liquidity providers who are permitted to offer odds and accept bets through the Exchange.  In all cases, Magic Markets operates solely as a neutral facilitator, providing the technical infrastructure and administrative support necessary to enable these transactions. Magic Markets is not a bookmaker, does not set odds, and does not assume any risk or liability as a counterparty to any bets placed on the Exchange.

8.2. Any and all references to ‘bets’ in these Terms of Service shall mean bets placed on the Exchange.

8.3. All exchange markets are offered on an “unmanaged” basis. It is your responsibility to actively manage your Exchange orders (e.g. to cancel or update any open bets in the event of a goal or other material event).

8.4. We will endeavour to cancel open Exchange orders in the event of a “material event” (e.g. a goal, red card, penalty, at the start of the match etc) but Magic Markets makes no assurances or guarantees that any such cancellation features will be applied. It is wholly the responsibility of the customer to actively manage open Exchange orders at all times.

8.5. A bet can only be placed by a registered account holder. You are prohibited from selling, transferring or acquiring Magic Markets accounts to or from other players.

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8.6. A bet can only be placed over the internet.

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8.7. You can only place a bet if you have sufficient cryptocurrency in your account with Magic Markets.

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8.8. Magic Markets manages your account, calculates the available funds, the pending funds, the betting funds as well as the amount of the winnings.  Unless proven otherwise, these amounts are considered as final and are deemed to be accurate.

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8.9. Should Magic Markets become aware that you have placed a number of bets from different accounts you have irregularly opened, or that you have acted in collusion with one or more other individuals through a number of different Magic Markets accounts to back the same combination of selections (regardless of whether or not such bets are struck separately, at a range of different prices or on different days) all bets will be voidable at the unfettered discretion of Magic Markets. Magic Markets retains the right to take further action as it deems necessary.

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8.10. Statistics, live scores, live betting or editorial text published on the Magic Markets site is added information and Magic Markets does not acknowledge or accept any liability whatsoever if the information is incorrect.  It is your responsibility to be aware about all circumstances relating to an event and to independently verify all information published on the Exchange.

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8.11. Magic Markets reserves the right to declare a bet void, totally or partially, if it is obvious that:

• bets have been offered, placed and/or accepted due to an error;
• influence betting, where you have influenced the outcome of the match in any way, has occurred; 
• the result has been directly or indirectly affected by criminal actions; or
• bets have been placed from a Prohibited Jurisdiction. 

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8.12. If you are unsatisfied with any matter relating to a bet with Magic Markets, please notify Magic Markets within 30 days after the transaction has occurred.  Notification made after such 30 day period will be disregarded.  Such a notification shall be made in writing.  In the unlikely event of a discrepancy between the result that appears on your device and the results in the transaction logs in our system, you agree that the results in our system’s transaction logs as certified by an officer of Magic Markets shall be final, conclusive and binding.

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8.13. You confirm and accept that you will be adequately informed of your possible Cryptocurrency exposure by the details provided on the online betting confirmation issued by us (if you are in any doubt about this, you should contact Magic Markets support).

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8.14. You accept that any cryptocurrency lost under any bet will not be under any circumstances be recoverable from Magic Markets.

Settlement of Exchange Bets

9.1 Exchange bets will be settled in accordance with the Exchange Betting Rules (set out in Section 12 below) on the official result of the relevant governing body regardless of any subsequent disqualification or amendment to the result if announced within 24 hours of the initial settlement of the bet.

9.2. If no official result of a relevant governing body is available, the result will be determined using information from independent sources. In such cases, if any new information comes into the public domain within 48 hours of settlement, then we shall (acting reasonably) determine either: (i) whether bets should be reinstated or resettled in light of this new information; or (ii) whether or not to wait for further information before deciding whether to resettle the relevant markets. Any information that comes into the public domain more than 48 hours after a market has been settled shall not be considered by us (regardless of whether or not such information may have led to a different result).

9.3. In the event of any uncertainty about any result or potential result, Magic Markets reserves the right to suspend settlement until a reasonable conclusion of the score can be gained using alternative sources.

9.4. In the event of a change in venue we reserve the right to void markets where there is a reasonable difference to the probability of outcomes as a result of this change, which we will determine at our own discretion.

9.5. We reserve the right to reverse the settlement of a market if a market is settled in error (for example, a human or technical error).

9.6. If Magic Markets resettles a market, this may lead to amendments being made to your account balance to reflect the changes in market settlement.

Order Submission and Management and Error Handling

10.1. You are solely responsible for managing all open Exchange offers. Magic Markets does not undertake to manage customers’ open positions.

10.2. You may cancel open offers at any time. Customers are reminded that not all of their original offer may remain available for cancellation; some or all may have already been taken by another customer.

10.3. When submitting an offer in a live betting market, this offer may be subject to a time delay before entering the market. You cannot cancel offers during the period of a time delay on a live market until the time delay has expired and the offer has entered the market.

10.4. Customers are reminded that starting times listed on the site are estimates, as provided to us through publicly available sources. Events will not always start at the listed time, we will attempt to keep markets open until the event's actual starting time.

10.5. We reserve the right to void all bets on a market where an incorrect selection is listed (excluding minor spelling mistakes), the quantity of selections/outcomes is incorrect or an obvious error in the market or event is evident.

10.6. We further reserve the right to suspend trading on any market and to cancel any existing offers, if necessary.

10.7. Magic Markets will void all bets matched during any period of an event when the score displayed in the betslip includes a goal or points which are subsequently canceled for whatever reason (e.g. following a VAR review). The voiding of any such bets may take place during the event or retrospectively once a game is completed.

Exchange Charges

11.1. Currently, Magic Markets does not charge any commission on bets or winnings. However, we reserve the right to introduce a commission in the future, calculated as a percentage of a user’s net winnings per market (i.e. total winnings minus total losses within that market). No commission will be charged on markets where a user makes a net loss. If a commission is introduced, Magic Markets will provide advance notice. Continued use of the Exchange after such notice will constitute acceptance of the updated terms.

Exchange Betting Rules

12.1. Exchange bets will be settled in accordance with the SPORT SPECIFIC RULES (below) on the official result of the relevant governing body regardless of any subsequent disqualification or amendment to the result if announced within 24 hours of the initial settlement of the bet.

Sport specific rules - Soccer

13.1. If a match is postponed, all undetermined bets will be voided as long as the match does not start before 23:59 local time (or if Magic Markets believes that a match will not have started by such time) on its scheduled date.

13.2. Fixtures that are rearranged before the scheduled kick off date will not be regarded as postponements and all bets will stand, as long as the rescheduled date is within 72 hours of the original kick off time.

13.3. If a match starts but is later abandoned, all undetermined bets will be voided as long as the match is not played to a finish before midnight local time on its scheduled date.

13.4. If the venue of a match is other than expected, the bet will stand provided the match has not been switched to the opponent's ground, in which case the match will be declared void. Notwithstanding this rule, in major international tournaments (eg World Cup, European Championships), all venues will be deemed neutral. If the scheduled venue of a match is changed, including if the venue changes to a new venue in a different country, all bets will stand.

13.5. For Friendly matches, all bets apply to the full duration of play according to the match officials, plus any stoppage time. If a friendly match starts but is later abandoned or postponed and is not completed (i.e. the full duration of play according to match officials, plus any stoppage time) within three days of the scheduled start date, all bets will be void except for those on markets which have been unconditionally determined. In the case of ambiguity over the official result from match officials, the outcome will be determined by Magic Markets (acting reasonably) using information from independent sources.

13.6. If an official fixture lists different team details to those according to Magic Markets (for example, the team name, reserves, age group, gender, etc), then all bets matched on the affected markets will be void. In all other cases, bets will stand (including instances where a team name is listed without specifying the term 'XI' in the name). If Magic Markets makes an official fixture available for Exchange betting under an incorrect competition name, then Magic Markets reserves the right to void all bets matched on the affected markets.

13.7. When submitting an offer in a live betting market the current score is displayed in the betslip. Magic Markets will void all bets matched during any period of an event when the score displayed in the betslip includes a goal which is subsequently canceled, due to VAR or otherwise. The voiding of any such bets may take place during the event or retrospectively once a game is completed.

13.8. Bets on markets that relate to corners are settled on the basis of the number taken not awarded.

13.9. The settlement rules for each available market type are as follows:

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13.9.1. Match odds: Bets are placed on the outcome of the match. All bets apply to Full Time according to the match officials, plus any stoppage time. Extra-time/penalty shoot-outs are not included.

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13.9.2. Asian Handicap Supremacy: Bets are placed on the winner of the match with the relevant handicaps applied. Each under/over line will be settled individually. All bets apply to Full Time according to the match officials, plus any stoppage time. Extra-time/penalty shoot-outs are not included.

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13.9.3. Asian Handicap Goal Lines: Bets are placed on the number of goals that will be scored in the match. Each under/over line will be settled individually. All bets apply to Full Time according to the match officials, plus any stoppage time. Extra-time/penalty shoot-outs are not included.

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13.9.4. Match odds Half Time: Bets are placed on the outcome of the first half. All bets apply to Half time according to the match officials, plus any stoppage time.

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13.9.5. Both Teams To Score (Full Time): Bets are placed on the Full Time score according to the match officials, plus any stoppage time. Extra-time/penalty shoot-outs are not included.

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13.9.6. Asian Handicap Supremacy Half time: Bets are placed on the winner of the first half with the relevant handicaps applied. Each under/over line will be settled individually. All bets apply to Half time according to the match officials, plus any stoppage time.

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13.9.7. Asian Handicap Goal Lines Half time: Bets are placed on the number of goals that will be scored in the first half. Each under/over line will be settled individually. All bets apply to Half time according to the match officials, plus any stoppage time.

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13.9.8. Both Teams To Score (Half Time): Bets are placed on the Half Time score according to the match officials, plus any stoppage time. Extra-time/penalty shoot-outs are not included.

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13.9.9. Match Odds Corners: Bets are placed on which team takes the most corners.

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13.9.10. Asian Handicap Corners: Bets are placed on which team will take the most corners once the relevant line is applied.

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13.9.11. Total corners over/under: Bets are placed on the total number of corners taken in a match.

13.9.12. Match Odds Extra Time: Bets are placed on the outcome of the match for only the extra time period.

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13.9.13. Both Teams To Score Extra Time: Bets are placed on the Extra Time score according to the match officials, plus any stoppage time. Penalty shoot-outs are not included.

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13.9.14. Asian Handicap Supremacy Extra Time: Bets are placed on the winner of the match with the relevant handicaps applied during the extra time period. Each under/over line will be settled individually.

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13.9.15. Asian Handicap Goal Lines Extra Time: Bets are placed on the number of goals that will be scored in the match during the extra time period. Each under/over line will be settled individually.

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13.9.16. Outright: Bets are placed on the winner of the Tournament. Outcomes will be established based on the official result declared by the relevant governing body.

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13.9.17. Correct Score: Bets are placed on the exact score at the end of normal time (90 minutes plus injury time). Extra time and penalty shoot-outs are not included.

Sport specific rules - Tennis

14.1. In the event of a retirement or disqualification from a player or doubles pairing the winner will be deemed the player or pairing progressing to the next round or the winner of the tournament in the event of a final. If less than one set has been completed however then any moneyline markets will be voided.

14.2. All bets will stand in the event of any changes to scheduled venues or changes in surface.

14.3. Markets offered on individual games or sets within a match will be void in the event of a retirement of disqualification within that set or game, unless the result has already been unequivocally determined at the point the player or pairing retires or is disqualified.

14.4. If the scheduled duration of a match is reduced or increased in the number of games/sets required to win, all bets will be void except for those on markets which have been unconditionally determined. Please note that this does not apply to ‘Match Odds’ or ‘Set Winner’ markets on Davis Cup matches or ‘dead rubber’ matches that have been shortened from five sets to three sets after the market has been loaded, provided that the match has been shortened in accordance with the competition’s rules.

14.5. The settlement rules for each available market type are as follows:

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14.5.11 Moneyline: Bets are placed on the winner of the match. If less than 1 set has been completed this market will be voided.

14.5.2. Game handicap: Bets are placed on the winner of the match once the game handicap line is applied. Each line will be settled individually. Bets apply to the sum of the games won in the match. In the event of a retirement or disqualification all bets will be voided.

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14.5.3. Total Games: Bets are placed on the total number of games played in a match. In the event of a retirement or disqualification all bets will be voided.

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14.5.4. Set Handicap: Bets are placed on the winner of the match once the set handicap line is applied. Each line will be settled individually. Bets apply to the sum of the sets won in the match. In the event of a retirement or disqualification all bets will be voided.

Sport specific rules - Basketball

15.1. All bets are settled based on the outcome of any overtime if there is any played.

15.2. If a match does not take place on the scheduled start date then all bets will be voided.

15.3. If a match starts but is later abandoned or postponed then, within three days of the scheduled start date, (a) at least 43 minutes of play must have elapsed in any NBA match or 35 minutes of play must have elapsed in any other match; or (b) an official result must be 'called' by the relevant governing body; otherwise all bets will be void, except for those on markets which have been unconditionally determined.

15.4. The settlement rules for each available market type are as follows:

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15.4.1. Moneyline: Bets are placed on the winner of the match and include overtime.

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15.4.2. Asian handicap: Winner of the match once the stated handicap line is applied. Bets are settled based on the number of points scored in the match and will include any overtime.

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15.4.3. Total Games: Bets are placed on the total number of points scored in the match and include any overtime.

Sport specific rules - Baseball

16.1. If a match does not start on the scheduled start date, all bets will be void.

16.2. If a match starts but is later abandoned or postponed and an official result is not declared within three days of the scheduled start date, all bets will be void, except for those on markets which have been unconditionally determined.

16.3. All bets on 'Total runs' or 'Run line' markets will be void unless there has been at least 9 innings completed (8 1/2 if the home team is ahead), or if the official length of the match is 7 innings, then all bets will be void unless there has been 7 innings (6 ½ if the home team is ahead), except (in both circumstances) those bets on markets which have been unconditionally determined.

16.4. The settlement rules for each available market type are as follows:

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16.4.1. Moneyline: Bets are placed on the winner of the match and include overtime or extra innings. Extra innings are included if played. All bets will stand regardless of any changes in pitcher.

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16.4.2. Asian handicap: Winner of the match once the stated handicap line is applied. All bets will stand regardless of any changes in pitcher. Extra innings are included if played. In the event of the match finishing in a tie with the stated handicap line applied then all bets will be voided.

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16.4.3. Asian handicap over/under: Bets are placed on the total number of runs scored in the match and include any overtime. All bets will stand regardless of any changes in pitcher.

Sport specific rules - American Football

17.1. If a match does not start on the scheduled start date, or is not completed within 3 days of the scheduled start date, then all bets will be void.

17.2. All markets will be settled on the result including overtime unless stated otherwise in the settlement rules below or where the market has been unconditionally determined. If the game results in a tie after any overtime has been completed, all bets on the outright match winner market will be void.

17.3. If a match starts but is later abandoned or postponed, at least 55 minutes of play must have elapsed and the official result must be 'called' by the relevant governing body; otherwise all bets will be void, except for those on markets which have been unconditionally determined. In those instances, if the scores are tied then all bets on the outright match winner market will be void.

17.4. The settlement rules for each available market type are as follows:

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17.4.11 Moneyline: Bets are placed on the winner of the match and include overtime. If overtime results in a tie all bets will be voided.

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17.4.2. Asian handicap: Winner of the match once the stated handicap line is applied. This includes any overtime played.

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17.4.3. Asian over/under: Bets are placed on the total number of points scored. This includes any overtime played

Sport specific rules - Ice Hockey

18.1. Game-period bets include overtime and penalty shootouts.

18.2. For markets that include overtime, penalty shootouts are considered part of overtime. If a penalty shootout occurs, the winning team is credited with one goal.

18.3. If a match does not start on the scheduled start date and is not completed within three days of the scheduled start date, all bets will be void except for those on markets which have been unconditionally determined.

18.4. If a match starts but is later abandoned or postponed, at least 55 minutes of play must have elapsed and the official result must be 'called' by the relevant governing body; otherwise all bets will be void, except for those on markets which have been unconditionally determined. In those instances, if the scores are tied then all bets on the outright match winner market will be void.

18.5. The settlement rules for each available market type are as follows:

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18.5.1. Moneyline: Bets are placed on the winner of the match

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18.5.2. Asian handicap: Winner of the match once the stated handicap line is applied. This includes any overtime played unless otherwise stated.

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18.5.3. Asian Over/Under: Bets are placed on the total number of points scored. This includes any overtime played unless otherwise stated

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18.5.4. 1x2: Settled on the outcome of the match. This includes any overtime played unless otherwise stated

Sport specific rules - Cricket

19.1. If a Test match does not complete four innings, Money Line bets will be settled based on the official announcement and Match-period Over/Under markets are void.

19.2. If a One-Day International or Twenty20 match does not complete at least the scheduled number of Overs, Money Line bets will be settled based on the official announcement and Match-Period Over/Under markets will be void. If a match is not completed, bets on periods that have been completed will have action.

19.3. The settlement rules for each available market type are as follows:

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19.3.1. Moneyline: Bets are placed on the winner of the match. In the event of a tie all markets are voided, unless otherwise stated.

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19.3.2. Asian Over/Under: Bets are placed on the total number of runes scored. Any runs scored in super overs will not be included

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19.3.4. 1x2: Bets are placed on the outcome of the match.

Sport specific rules - Boxing and Mixed Martial Arts

20.1. All individual bout markets will be resolved based on the official result declared by the relevant governing body immediately after the fight's conclusion. This applies regardless of any subsequent disqualification or result amendment, except when an amendment is made within 24 hours of the initial settlement to correct point tally errors or result reporting mistakes.

20.2. If a fight is abandoned, cancelled, postponed, or not completed within three days of its originally scheduled start date, or if a boxer is replaced or withdraws before the first-round bell, all bets will be void.

20.3. If a boxer retires before the start of a round, fails to answer the bell, or gets disqualified for any reason between rounds, the fight will be considered concluded at the end of the previous round.

20.4. If one of the boxers is disqualified, they will be treated as the loser.

20.5. In boxing or mixed martial arts, if a fight is declared a 'no contest' or 'no decision’, all bets will be void.

20.6. The settlement rules for each available market type are as follows:

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20.6.1. Moneyline: Bets are placed on the winner of the match. In the event of a tie all markets are voided, unless otherwise stated.

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20.6.2. Asian Over/Under: Bets are placed on the total number of rounds.

Sport specific rules - Rugby Union and Rugby League

21.1. The settlement rules for each available market type are as follows:

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21.1.1. Moneyline: Bets are placed on the winner of the match. In the event of a tie all markets are voided, unless otherwise stated.

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21.1.2. Asian Over/Under: Bets are placed on the total number of points scored. Bets placed on Asian Over/Unders for the regular time period will be settled based on the final score at the end of regular time. Meanwhile, bets made on Asian Over/Unders that include overtime will be determined by the total score at the conclusion of the overtime period.

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21.1.3. 1x2: Bets are settled on the outcome of the match (Regular time only)

Sport specific rules - Golf

22.1. The settlement rules for each available market type are as follows:

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22.1.1. Outright: Bets are placed on the winner of the Tournament. All outright bets are settled on the player awarded the trophy. In the presence of an official presentation ceremony, market settlements will be determined by the governing body's declared result at the time of the ceremony. This decision remains unaffected by subsequent disqualifications or result amendments.

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22.1.2. In situations where no presentation ceremony occurs, outcomes will be established based on the official result declared by the relevant governing body. This determination remains unchanged by any subsequent disqualifications or result amendments, except in cases of amendments made within 24 hours of the initial market settlement to rectify result reporting errors.

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22.1.3. If a player fails to commence a tournament, all wagers on that player shall be considered void.

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22.1.4. Any player starting a tournament but subsequently withdrawing or getting disqualified before its conclusion will result in settlements as a losing bet.

22.2. Tournament match betting (72 hole match bets):

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22.2.1. If a player withdraws from the tournament without taking a single stroke, all bets on the relevant market will be void.

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22.2.2. If, for any reason, all players fail to complete a specific round, the winner will be determined based on the player with the lowest total score after the preceding round.

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22.2.3. If a player is disqualified or withdraws during any round, they will be settled as a loser, provided that at least one other player completes that round.

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22.2.4. If none of the players complete the first round, then all bets will be void.

Sport specific rules - Darts

23.1. If a match is not completed, for any reason, then bets on the match odds, 'correct score', 180 markets, and any handicap markets will be void unless the market has been unconditionally determined.

23.2. The settlement rules for each available market type are as follows:

23.2.1. Moneyline: Bets are placed on the winner of the match.

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23.2.2. Asian Over/Under Sets: Determined based off the number of sets in the match.

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23.2.3. Most 180s: Winner is determined by the player with most 180s thrown in the match.

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23.2.4. Over/Under 180s: Determined based on the total number of 180s in a game.

Sport specific rules - Politics

24.1. The winner for all political markets will be determined based on the official results as announced by the appropriate authorities. This includes, but is not limited to, the results declared by government bodies, electoral commissions, or any other official organisations responsible for certifying the outcome of an election or nomination process.

24.2. UK Politics - Winning bets are determined based on the individual who is officially invited by the monarch to form the government and is subsequently appointed as Prime Minister. The market will be settled based on the official announcement of the new Prime Minister by the appropriate authorities.

24.3.US Politics:

24.3.1. Presidential Election Winner - Winning bets are determined based on the candidate who receives the majority of Electoral College votes and is officially declared the winner of the US Presidential Election. The market will be settled based on the official announcement of the election results by the appropriate authorities.

24.3.2. Party President Nominee - Winning bets are determined based on the candidate who is officially nominated by a political party to be its candidate for the office of President of the United States. The market will be settled based on the official nomination announcement by the party at its national convention or through official party channels.

24.3.3. Party Vice President Nominee - Winning bets are determined based on the candidate who is officially nominated by a political party to be its candidate for the office of Vice President of the United States. The market will be settled based on the official nomination announcement by the party at its national convention or through official party channels.

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Cancellations, Suspensions and Closure

25.1. Magic Markets reserves the right to close your account and refund the balance of your account without further explanation.  

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25.2. Without restricting our ability to rely on other remedies that may be available to us, we may suspend and/or terminate your account, cancel any outstanding bets and withhold and/or retain any and all amounts which would otherwise have been paid or payable to you (including any winnings) at our absolute discretion if: (i) we suspect that you are engaging in illegal or fraudulent activity while using the Exchange; (ii) we suspect you are breaching any term of these Terms of Service; or (iii) we suspect that you are using or have used the Exchange in an unfair manner or have intentionally cheated or taken unfair advantage of Magic Markets or its customers.

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25.3. Irrespective of whether we suspend and/or terminate an account and notwithstanding any other provisions in these Terms of Service, we may decide to cancel and void any outstanding bets at our absolute discretion where (i) there is a technological failure, or (ii) you or another customer with whom you have bet have breached any of these Terms of Service.

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25.4. Magic Markets retains the right to suspend the whole or any part of the service for any reason at our sole discretion and in such event we may but shall not be obliged to give you any notice, however, we shall endeavour to provide you with such notice as we deem practicable. 

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Limitations of Liability

26.1. Magic Markets does not assume any liability for transmission, input and/or analysis errors.  Magic Markets, at its sole discretion, reserves the right to correct any obvious errors and mistakes concerning odds and/or events/players/teams/etc. 

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26.2. Under no circumstances will Magic Markets be liable for any damage caused by any incorrect, delayed, or abusive transfer of data via the internet.  Magic Markets is permitted to commence any technologically reasonable action to protect customer information, but will not be liable and will not take responsibility if third parties obtain control of, any process, or user information despite such action. No claims for damages may be asserted against Magic Markets, in any such circumstances.

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26.3. Please note that we only provide the Exchange for domestic and private use. You agree not to use the Exchange for any commercial or business purposes, and we have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.

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Robots and Other Artificial Intelligence Systems

27.1. You may not use any automated software and/or computer system in direct, or indirect conjunction with the services provided by Magic Markets, including the performance of actions such as sending information from your computer to another computer with installed and active software and/or systems designed to provide you with an unfair advantage.

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Force Majeure

28.1. Any failure or delay in performance by Magic Markets in respect of its obligations of service shall not be deemed a breach of its obligations to you as customer if such failure or delay is deemed by Magic Markets to be caused by force majeure, which shall include but not be limited to flood, fire, earthquake, or any other element of nature, act of war, riots or terrorist attack, public utility electrical failure, lockouts and strikes, delays or disruptions of the Internet and telecommunications networks caused by human or nature factor, or any other such event beyond the reasonable control of Magic Markets.

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28.2. Magic Markets will not accept any liability for any consequences arising out of any such force majeure events.

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Intellectual Property

29.1. All content presented on the Exchange, including but not limited to text, logos, graphics, images, button icons and software is either owned or licensed by Magic Markets.  Those works are protected by copyright laws and treaties around the world. All such rights are reserved. You may not copy, print and/or download any portions of material published on the Exchange unless expressly permitted in writing by Magic Markets.

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29.2. All trademarks presented on the Magic Markets website, including, but not limited to trade names and other symbols are protected by international trademark laws. It is strictly prohibited to use them in any way without the prior written consent of Magic Markets.

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29.3. If you print off, copy or download any part of the Exchange in breach of these Terms of Service, your right to use the Exchange will cease immediately and you must, at our option, return or destroy any copies of the materials you have made.

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We are not responsible for viruses and you must not introduce them

30.1. We do not guarantee that the Exchange will be secure or free from bugs or viruses.

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30.2. You are responsible for configuring your information technology, computer programmes and platform to access the Exchange. You should use your own virus protection software.

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30.3. You must not misuse the Exchange by knowingly introducing viruses, trojans, worms, logic bombs or other material that is malicious or technologically harmful. You must not attempt to gain unauthorised access to the Exchange, the server on which our site is stored or any server, computer or database connected to the Exchange. You must not attack our site via a denial-of-service attack or a distributed denial-of service attack. By breaching this provision, you may commit a criminal offence. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use the Exchange will cease immediately.

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AML/KYC 

Magic Market’s Anti-Money Laundering and Know Your Customer Policy (“AML/KYC Policy”) is designed to prevent and mitigate possible risks of Magic Markets being involved in any kind of illegal activity.

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The goal of the Magic Market’s AML/KYC Policy is to ensure there are effective internal procedures and mechanisms to prevent money laundering, terrorist financing, drug/human trafficking, corruption, and bribery and to take action in case of any form of suspicious activity from customers.

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The AML/KYC Policy covers the following matters: 1. Verification procedures; 2. Enhanced due diligence; 3. Compliance Officer; 4. Monitoring Transactions; 5. Risk Assessment

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31.1. Verification Procedures - One of the international standards for preventing illegal activity is customer due diligence (“CDD”).  Magic Markets has established its own verification procedures within the standards of anti-money laundering and “Know Your Customer” frameworks.

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31.1.1. Identity Verification: Magic Market’s identity verification procedure requires customers to provide reliable, independent source documents, data, or information (e.g., national ID, international passport, bank statement, utility bill).  For such purposes Magic Markets reserves the right to collect a customer’s identification information for AML/KYC purposes.

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For corporate customers, the minimum evidence includes (but is not limited to) the following items:

• Original or certified copies of the certificate of incorporation, register of directors, register of members and memorandum and articles of association;
• Company registry search;
• Latest audited financial statements; and
• Information on the Ultimate Beneficial Owner(s)

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31.1.2. In circumstances where information is not already publicly available, minimum requirements are to verify the identity of directors or similar persons who have authority to operate a relationship or give instructions concerning the use/transfer of assets.  Beneficial owners must be identified including, at a minimum, those holding 25% or more interest in the capital of the entity extending to those with a material interest depending on the risk profile.  Reasonable measures must also be taken to obtain verification documentation depending upon the risk profile of the entity.  

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31.1.3. For individual customers, Magic Markets may contract with third-party service providers to provide automated KYC verification. These services include ID and proof of address verification to ensure an ID and proof of address are authentic and have not been altered and identity verification to ensure the customer is the individual they purport to be.

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31.1.4. Magic Markets will take steps to confirm the authenticity of documents and information provided by all customers. All legal methods for checking the authenticity of identification information will be used and Magic Markets reserves the right to investigate any customers who have been determined to be risky or suspicious.

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31.1.5. Magic Markets reserves the right to verify customer’s identity on an on-going basis, especially when their identification information has been changed or their activity appears to be suspicious or unusual. In addition, Magic Markets reserves the right to request up-to-date documents from customers, even though they have passed identity verification in the past.

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31.2 Enhanced due diligence: Enhanced measures are required for those potential customers deemed to be of higher risk.  This might take into account factors such as Politically Exposed Persons (PEPs) risk, jurisdictional risk, and other types of activity we deem to be high risk.  Additional due diligence, enhanced scrutiny, and monitoring is required on all accounts that have links with PEPs but particularly those with links to countries that are vulnerable to corruption.  Specific measures include obtaining further identification information and documentation, commissioning due diligence reports from independent experts, and requiring higher levels of management approval for new customers.

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31.3. Compliance Officer: The Compliance Officer is the person, duly authorized by Magic Markets, whose duty is to ensure the effective implementation and enforcement of the AML/KYC Policy.  It is the Compliance Officer’s responsibility to supervise all aspects of Magic Markets’s anti-money laundering and counter-terrorist financing, including but not limited to:

• Ensuring the collection of customer’s identification information;
• Establishing and updating internal policies and procedures for the completion, review, submission and retention of all reports and records required under the applicable laws and regulations;
• Monitoring transactions and investigating any significant deviations from normal activity;
• Implementing a records management system for appropriate storage and retrieval of documents, files, forms, and logs;
• Updating risk assessment regularly; and
• Providing law enforcement with information as required under the applicable laws and regulations.

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31.3.1. The Compliance Officer is entitled to interact with and provide requisite information to law enforcement, which are involved in prevention of money laundering, terrorist financing and other illegal activity.

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31.4. Monitoring Transactions: Customers are known not only by verifying their identity (who they are) but, more importantly, by analyzing their transactional patterns (what they do).  Therefore, Magic Markets relies on data analysis as a risk-assessment and suspicion detection tool.  Magic Markets performs a variety of compliance-related tasks, including capturing data, filtering, record-keeping, investigation management, and reporting.  

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With regard to the AML/KYC Policy, Magic Markets will monitor all transactions and it reserves the right to:

• Ensure that transactions of suspicious nature are reported to the proper law enforcement through the Compliance Officer;
• Request the customer to provide any additional information and documents in case of suspicious transactions;
• Suspend or terminate a customer’s account when Magic Markets has reasonable suspicion that such customer engaged in illegal activity.

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The above list is not exhaustive, and the Compliance Officer will monitor customers’ transactions in order to define whether such transactions are to be reported and treated as suspicious or are to be treated as bona fide.

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31.5. Risk Assessment: Magic Markets has adopted a risk-based approach to combating money laundering and terrorist financing.  By adopting a risk-based approach, Magic Markets is able to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate with the identified risks.  This will allow resources to be allocated in the most efficient manner.  The principle is that resources should be directed in accordance with priorities so that the greatest risks receive the highest attention.

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Governing law and Dispute Resolution

32.1. If you wish to raise a complaint, please contact Customer Support at support@magicmarkets.com.  Should any complaint not be resolved to your satisfaction, you may pursue remedies in accordance with the remainder of this section.

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32.2  These Terms of Service shall be governed by, and construed in accordance with the laws of Anjouan, Union of the Comoros.

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32.3  Any and all disputes, claims, or controversies arising out of or in connection with these Terms of Service, including but not limited to formation, validity, performance, or termination, shall be subject to the exclusive jurisdiction of the courts of Anjouan.  The parties irrevocably submit to the exclusive jurisdiction of such courts and agree to bring any legal action or proceeding exclusively before them.

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EU Addendum

33.1 This EU Addendum supplements these Terms of Service if you are residing within the jurisdiction of a Member State of the European Union (except for the Member States of the European Union listed in Clause 7.1.3 of these Terms of Service and excluded from using the Exchange). In addition to the provisions of Clause 7.5 of these Terms of Service the following applies on your account:

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33.2 All deposits you make with us in line with a transfer of an accepted cryptocurrency or fiat deposit are designated as prepayment for future bets on the Exchange. They shall only be used for placing a bet in accordance with the General Betting Rules (Clause 10 of these Terms of Service) and you will not transfer any cryptocurrency or fiat deposit to us for which you do not intend that you will spend them by placing a bet on the Exchange. When transferring any deposit to us, you accept that we are not acting as a custodian of those deposits on your behalf. With the transfer to us, those deposits become the assets of us while granting you a right to place bets in a corresponding amount on the Exchange

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33.3 Withdrawals are possible if those deposits shall not be used for betting any more.

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33.4 Any winnings are added to your deposit as further prepayment for future betting.

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33.5 You agree that you will not make any prepayment that would cause your account balance exceeding the amount you regularly use for placing a bet on the Exchange. We reserve the right to limit the acceptance of any prepayments to a certain amount based on your regular spend on the Exchange.

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33.6 If your account balance exceeds (i) the limit of accepted prepayments, or (ii) the amount you regularly use for placing a bet on the Exchange (in each case, either due to prepayments made by you or due to winnings credited to your account), you will withdraw any exceeding account balance within sixty (60) days unless used for betting on the Exchange.