How to Play
Permitted Locations for Bula Instant Bets
To comply with applicable U.S. federal and state laws, participation in peer-to-peer wagers on Bula Instant Bets is limited to users physically located within the jurisdictions where Bula is approved for operation. At this time, play is open only to legal residents of the following jurisdictions: Alabama, Alaska, Arizona, California, Colorado, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming. Users located outside these approved jurisdictions are not permitted to initiate or participate in wagers on Bula Instant Bets.
Definitions
Initiator - the person who initiates the bet and invites additional participants.
Participant - anyone player who has been invited and has accepted a bet invitation.
Game - the chosen type of game (eg Birdie)
Bet - the bet tied to the chosen bet, with a monetary stake value.
Stake - the dollar amount (USD) required to join the bet and participate in the bet.
Winnings - the total amount of money to be won, including your stake.
Open Bet - a bet that hasn’t been started yet by the Initiator and participants can still be added by the Initiator.
Locked Bet - a bet in which the Initiator has started the bet, and no other participants can join, and invited players can no longer participate.
How to Play
1. Initiate a bet. As an Initiator, select one of the predefined golf bets, or Choose a Custom bet. Only the initiator of a bet can create a bet for other players to join.
2. Payment Methods. The Beta version of Bula Instant Bets, offers a variety of Payment Methods for depositing and withdrawal funds from your Bula Wallet; Apple Pay (debit cards only), Credit/Debit cards and Online banking (login).
3. Invite players. As an Initiator, after you have created a bet, tap Add Players. Then invite other players by searching by their registered username.
4. Accept invitations. As a participant, tap Activity in the footer menu, then tap Invitations to see all your Invitation alerts. There you can Accept or Decline invitations.
5. Discuss and accept bet terms. As Initiator, ensure that all participants understand and agree to the terms of the bet. Bula has provided predefined bets which can be extended and logged by the initiator in the bet details, and agreed upon by the participants. As a Participant, by accepting the bet invitation you agree to the terms of the bet. If these are not clear, ask the Initiator for clarification.
6. Score tracking. Currently, Bula Instant Bets does not offer any score-tracking functionality as we are relying on all participants to track their scores using a paper scorecard and/or third-party scoring apps. Ensure that you provide the Initiator with your final score so they can determine the Winner(s).
7. Choose Winner(s). Only the Initiator can determine the Winner(s) based on the gathered scores of all participants.
8. Settle Payments. Once the Initiator has determined the Winner(s), they can confirm the Winning amounts. The losers of the bet will then receive a PayPal.me payment request.
9. Leave or Cancel a Bet. Once the Initiator has started the bet, the bet is locked and so is your participation. Only the Initiator can delete a bet that has no other Players joined, by swiping the bet left on the Home.
10. Report a bug in the app. If you have experienced a technical bug, or if you have feedback, please email us at support@bulabet.com
Fees and Service Charges
Bula charges two types of fees to support secure payments and instant settlements: a Platform Service Fee (paid only by winners) and a Withdrawal Fee (to cover third-party processing costs).
Platform Service Fee
Only the winner(s) pay a small service fee on their winnings. For 1-on-1 bets, the Platform Service Fee is 4%, and for group bets (3 or more players), the Platform Service Fee is 7.5%. Example: Two players each place a $100 bet, creating a $200 pot. The winner receives $191, after Bula deducts a 4% service fee ($9).
Withdrawal Fee
A flat processing fee applies to all withdrawals to cover payment network and banking costs. The fee is $1 minimum or 1.5% of the withdrawal amount, whichever is higher, capped at $10.
Example: If a user withdraws $100, the total processing cost is $1.50 (1.5%). Bula deducts $100 from the user’s wallet balance and submits a withdrawal of $98.50 to our payment partner, GambleID.These fees help maintain seamless, instant payouts and keep Bula operating securely and transparently.
Disclosure
Fees and charges are subject to change at Bula Technologies, Inc.’s discretion and may vary based on payment method, jurisdiction, or third-party processor costs. Any updates to our fee structure will be communicated through the Bula Instant Bets app and our official website.
Draws and Multiple Winners
Each Bula bet has an Initiator, who is responsible for confirming the result and selecting the winner(s) once the game concludes. The initiator also determines how winnings are distributed among players.
Draws (Ties):
If a head-to-head bet ends in a draw, no Platform Service Fee is charged to either player. All wagered funds are returned to the participants’ Bula wallets in full.
Bets With a Winner:
For any bet that results in one or more winners and at least one loser, Bula applies the Platform Service Fee to the winning amount(s). This fee supports instant settlements and secure wallet operations.
Multiple Winners:
When multiple winners are designated, each winning player pays the same applicable Platform Service Fee (4% for 1-on-1 bets, 7.5% for bets with 3 or more players) on their share of the winnings. These rules ensure fairness, transparency, and consistency across all Bula Instant Bets.
Taxes
Bula complies with all applicable U.S. federal and state tax reporting requirements for peer-to-peer skill-based wagering.
User Responsibility
All winnings earned through Bula Instant Bets may be considered taxable income under U.S. law. Users are responsible for reporting any winnings or withdrawals to the IRS or their respective state tax authorities, as required.
Federal Reporting Threshold ($600 Rule)
Under current IRS guidelines, Bula (through its payment processors and tax reporting partner) must issue a Form 1099-K to any user who receives $600 or more in total payouts in a calendar year, regardless of the number of transactions. This applies to all payouts processed via Bula’s payment partners.
State-Specific Thresholds
Certain states have implemented lower or separate 1099-K reporting thresholds. If you reside in one of the following states, you may receive a tax form even if your total Bula payouts are below $600: Massachusetts, Vermont, Virginia, Maryland, and Illinois.If you are a resident of any of these states, Bula’s payment partners will issue your Form 1099-K once you meet your state’s reporting threshold.
What This Means for YouIf your total annual payouts through Bula meet or exceed the reporting threshold in your state, you will receive a Form 1099-K summarizing your total gross payouts for the year.Even if you do not receive a 1099-K, you are still responsible for reporting all taxable winnings as income.Bula and its partners automatically report qualifying transactions to the IRS and applicable state tax agencies.
Identity Verification (KYC)
To comply with IRS and AML regulations, all users must complete identity verification before making withdrawals. Providing accurate personal information ensures that your 1099-K form is properly filed and prevents delays in payouts.
Disclaimer
Bula does not provide tax, legal, or accounting advice. This information is for general guidance only. Users should consult a qualified tax professional to understand how winnings, losses, and fees may affect their personal tax situation.
