How redemption works at Betzy

Redemption at Betzy runs in two stages, and only the second is about payment speed. Stage one is review and approval, and the first time you redeem it includes full identity verification. Stage two is issue of the prize by the method you chose. We target processing every request within 8 hours of submission, and a request taken into compliance review can take up to 5 business days, with the outcome sent to you by email. Redemption is reviewed before it is issued, so it is not instant and we will not describe it that way.

The steps that come before it, from obtaining free Sweeps Coins to playing them through, are set out in how Betzy works.

The six conditions you must meet first

Betzy checks every redemption request against the same conditions, and there are six.

1. You are 18 or over, or 21 or over where the law requires it.
2. Your account is in good standing, not suspended, self-excluded or under investigation.
3. You have passed full KYC: a government photo ID plus a liveness check, described in Betzy identity verification.
4. Your residential address is not in a redemption-restricted state, listed on Betzy state availability.
5. A valid SSN or ITIN is on file for IRS reporting.
6. Your Redeemable SC balance meets the applicable minimum.

The person redeeming has to be the registered account holder, and third-party redemptions are not permitted.

How to submit a request

Submitting a request happens entirely inside your account, in six steps.

1. Log in to your Betzy account.
2. Go to Account, then Redeem/Cashout.
3. Select a redemption method.
4. Enter an amount that meets the minimum.
5. Upload documents if you are prompted for them.
6. Review the request and submit it.

The requested SC leaves your Redeemable balance immediately and moves to Pending, where it stays until the request is approved, denied or reversed.

Minimum and maximum amounts

The standard minimum is 50 SC per request, and the absolute maximum is 10,000 SC ($10,000) in any rolling 24 hour window. That ceiling is hard and applies across every tier. The window resets 24 hours after your first accepted redemption in a period, not at midnight.

Your VIP tier sets the daily limit that applies below that ceiling, and the Sweepstakes Redemption Rules publish a figure for each of the ten tiers.

Two account-level caps apply on top of the tier limit. An account less than 30 days old is limited to $300 per day, and a Florida account is limited to $5,000 per redemption request. The standard limits are $2,500 per day and $3,000 per withdrawal request. VIP members follow their applicable VIP Tier limits, but the absolute maximum is 10,000 BC per rolling 24 hours.

If your balance came only from free coins

Where a Sweeps Coin came from decides which cap applies to it. Betzy tracks every SC as either Bonus-Derived or Purchase-Derived, and two caps apply to a balance that is entirely Bonus-Derived.

An account with prior purchase history, but 14 or more days with no funded gameplay and a balance that is entirely Bonus-Derived, is capped at 50 SC per rolling 24 hours while the standard VIP limits are suspended. Inactivity is measured from the last session in which Purchase-Derived SC, or Gold Coins from any purchase, were wagered, so collecting a daily login bonus does not reset that clock. Buying Gold Coins and wagering the associated SC through once restores the standard limits immediately.

Methods and how long each takes

After review, the method you chose sets the timing, and the Policies for Withdrawal publish a target for each of the five.

Cryptocurrency is restricted to Travel Rule compliant wallets and ACH to US bank accounts, so which methods are open to you depends on your verified account details, and we do not promise that any one of them will be available.

Betzy charges no redemption fee. Third-party providers may charge their own, and cryptocurrency network fees are deducted from the amount.

Why a request can be held, denied or reversed

A request can be held, denied or reversed at any point before dispatch, for seven reasons.

• Incomplete or failed KYC or AML verification
• An outstanding source-of-funds request
• An active compliance hold or investigation
• A request that exceeds an applicable limit
• Suspected fraud or bonus abuse
• A payment method that does not match the verified identity
• A technical error

Betzy may reverse a request before dispatch and cannot reverse it after dispatch. SC are forfeited rather than returned when a request is denied for a KYC failure, the outcome of a compliance hold, or a rules violation. If you believe a denial was made in error, write to support@betzy.fun with supporting documentation within 30 days of the denial notice.

Tax on prizes

You receive a Form 1099-MISC once your cumulative net prizes reach $600 or more in a calendar year. A valid Form W-9, or a Form W-8BEN if you are not a US person, is required before or at the time of your first qualifying redemption. Backup withholding of 24% applies if no valid taxpayer identification number is on file, or if the IRS requires it. You are responsible for all federal, state and local taxes on prizes, whether or not a form is issued. Betzy does not give tax advice.

Common questions