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Tuesday, 22 July 2014

Minimum Bet Limits

Following extensive consultation with wagering operators and punters, Racing NSW has announced the terms of minimum bet limits that Australian wagering operators will be required to comply with when betting on NSW Thoroughbred races.
Racing NSW Chief Executive, Mr Peter V’landys, said:
“The consultation process with wagering operators and punters was very constructive and informative. Racing NSW carefully assessed the submissions from all parties and has amended its previous proposal in light of those submissions.
“Racing NSW is confident that the conditions announced today are fair and practical for all parties, whether they are wagering operators, professional punters or recreational punters. All punters should be able to place a legitimate bet on NSW Thoroughbred races and should not be discriminated against by having their accounts closed or bets refused simply because they are successful.
“Racing NSW will monitor the conditions to ensure that they are fair and practical for all parties. If warranted, changes may be made periodically to achieve the right balance.”
The key points of the minimum bet limit conditions are as follows:
• Wagering operators are not to take actions such as closing a punter’s accounts, refusing to open a punter’s account or placing restrictions on a punter’s account solely to avoid complying with the minimum bet limit conditions. However, wagering operators are still able to take such actions for legitimate reasons including undisclosed bowlers (persons betting on behalf of other persons), responsible gambling, fraudulent activity, money-laundering and other integrity related reasons such as the punter being warned off or disqualified.
• Wagering operators are required to lay the odds displayed for fixed odds bets to the limits below. The minimum bet limit has been set at levels which are considered to be fair and balanced. Those levels were requested by most punters (although some professional punters requested higher levels) yet are still higher than what was requested by most wagering operators.
For Australian Wagering Operators with Net Assessable Turnover on NSW Thoroughbred races greater than or equal to $5 million
Race type Bet (Win and/or Each Way/*Win & Place)
Metropolitan NSW Thoroughbred races Wagering operator to lose a minimum $2,000 (*place component $800)
Non-Metropolitan NSW Thoroughbred races Wagering operator to lose a minimum $1,000 (*place component $400)

For Australian Wagering Operators with Net Assessable Turnover on NSW Thoroughbred Races less than $5 million
Race type Bet (Win and/or Each Way/*Win & Place)
All NSW Thoroughbred races Wagering operator to lose a minimum $1,000 (*place component $400)
• Recognising differences in the off-course environment where punting can be rapid fire to the point of automation, wagering operators are only required to bet to the limit once per horse for each customer or related customers (where there are bowlers betting on behalf of other persons).
• The minimum bet limit conditions apply to fixed odds bets placed after 9am on the day of the race (2pm for night race meetings) and do not apply in respect of bets placed as part of a betting exchange. They also do not apply to derivative bets such as best tote or exotic bets such as quinellas and trifectas.
• At this stage, the minimum bet limits will not apply to cash (non-account) bets placed in retail outlets, including interstate and NSW TAB agencies, hotels, clubs and pubs, primarily due to the difficulties associated with determining whether a cash bet in a retail outlet is a bowler bet placed on behalf of another person. It is important to note that retail wagering operators will still be required to comply with the minimum bet limits for bets placed by account holders, whether by internet, phone or in the retail outlets.
• Australian wagering operators will be required to comply with the minimum bet limit condition from 1 September 2014.
• Punters who believe that a wagering operator has refused their bet or excluded them in contravention of the minimum bet limit condition should initially raise the matter with the wagering operator to ascertain the reason for the refusal or exclusion. If they remain unsatisfied with the reason provided by the wagering operator, then they should lodge a formal complaint in writing with Racing NSW (minimumbet@racingnsw.com.au). Racing NSW will then investigate the complaint to assess, on the evidence available, whether the wagering operator appears to have breached the minimum bet limit condition and whether the wagering operator should be referred for prosecution.

Source: http://www.racingnsw.com.au/default.aspx?s=article-display&id=16086