4 Deposits and Withdrawals

4A Clients may deposit into their account via debit card, electronic funds transfer (EFT), BPAY or PayID (Zepto) or CashIN through Blueshyft retail partners.

4B Colossalbet reserves the right to remove or add payment options from time to time. Current available payment methods can be viewed within the 'My Account' section of our Website when you are logged in to your Account.

4C Own funds only. All funds deposited into your Account must be your own, from a payment method held in your name. This applies to every payment method, including debit cards, digital wallets (such as Apple Pay and Google Pay), bank transfer, PayID, BPAY and cash. If we reasonably believe your Account has been funded by a third party, we may suspend or close your Account, cancel any unsettled bets and return the remaining Account balance to the original funding source. Settled bets stand, and Colossalbet is not obliged to refund any amounts lost on settled bets, whether to you or to any third party.

4D Colossalbet requires that any deposit into a client's account be turned over at least once prior to authorising a withdrawal from the client's account.

4E Colossalbet does not charge clients fees for debit card transactions, however the card holder may be charged a fee by their own banking institution upon depositing funds with Colossalbet which is your responsibility to pay.

4F Your identity must be verified in accordance with section 3 before any deposit, bet or withdrawal can be processed.

4G If the client provides incorrect banking details to Colossalbet that results in a returned bank payment, an administration fee of $2.50 will be charged for each transaction.

PayID withdrawals

4H Clients may withdraw funds from their Colossalbet account via PayID, processed through Australia's New Payments Platform (NPP). PayID withdrawals are available to eligible clients as set out in these terms, and sit alongside the existing direct bank transfer (EFT) withdrawal method. Colossalbet reserves the right to withdraw or modify the PayID withdrawal option at any time in accordance with clause 4B.

4I To enable PayID withdrawals, a client must first register a PayID linked to their nominated bank account through the Banking section of their Colossalbet account. The registered bank account must be held in the client's name. Colossalbet may request documentary evidence to verify the account holder's identity and bank account details before processing any withdrawal.

4J A client's first PayID withdrawal is subject to standard NPP bank verification processing times, which may take up to approximately 24 hours. This one-time verification period is a requirement of the New Payments Platform and is outside Colossalbet's control. Subsequent PayID withdrawals will be processed in accordance with clauses 4K and 4L.

4K Clients who are fully verified in accordance with Section 3 of these Terms, have satisfied all applicable AML/CTF obligations as determined by Colossalbet, and have completed at least one prior PayID withdrawal from their Colossalbet account may receive PayID withdrawals processed through the New Payments Platform (NPP), subject to daily limits set by Colossalbet from time to time.

4L PayID withdrawal processing and receipt times are determined by Colossalbet's payment provider, the NPP and the client's financial institution. Colossalbet does not guarantee instant processing or any specific receipt time. PayID withdrawals may be held for security, review or compliance checks, and financial institutions may hold a first payment to a new PayID for up to 24 hours.

4M PayID withdrawals are subject to a minimum withdrawal of $10.00 and to the applicable daily limits set by Colossalbet from time to time. Current limits are available on request from Customer Support.

4N Colossalbet reserves the right to: delay, hold, or decline any PayID withdrawal where it has a reasonable suspicion of fraudulent activity, money laundering, or where compliance with applicable AML/CTF legislation requires further verification; request a bank statement or other documentation to verify the origin of funds prior to processing any withdrawal, consistent with clause 6C of these Terms; suspend a client's PayID withdrawal access at any time pending investigation of account activity; and process PayID withdrawals only to a bank account registered in the client's name, consistent with clause 7I of these Terms.

4O Refunds to source. Any refund, return of funds or settlement payment will be made to the original funding source or to a financial institution account verified as being in your name, at Colossalbet's discretion.

4P Payment methods you use. Colossalbet cannot always identify the holder of a payment method, including where deposits are made through digital wallets such as Apple Pay or Google Pay. You warrant that every payment method used to fund your Account belongs to you. Colossalbet has no obligation to verify the owner of any payment method and is not liable to you or to any third party for any deposit made to your Account using a payment method that is not yours, or for any bets placed or amounts lost using those funds. Any claim by a third party in respect of those funds is a matter between you and that third party, and the indemnity in clause 2H applies.