Racing NSW has introduced minimum bet limits that wagering operators must comply with when betting on thoroughbred races in New South Wales.
Any Australian wagering operator with Net Assessable Turnover of NSW Thoroughbred races of greater than or equal to $5 million must:
• Bet to lose a minimum of $2,000 on Metropolitan NSW Thoroughbred races (place component $800)
• Bet to lose a minimum of $1,000 on Non-Metropolitan NSW Thoroughbred races (place component $400)
Here are the key points:
Wagering operators cannot close accounts, refuse to open accounts or restrict a punter’s account to avoid complying with the minimum bet limits.
However, operators can still close accounts for the following reasons:
• Undisclosed bowlers (persons betting on behalf of others)
• Responsible gambling
• Fraudulent activity
• Other integrity-related issues (e.g. punters being warned off or disqualified)
Wagering operators are required to lay their displayed odds to the specified bet limits.
Our view: as always, the devil is in the detail.
These rules only apply from 9am on the day of the race (2pm for night race meetings), which is disappointing from our perspective, as we often lock in what we view as a value price in the days leading up to a race.
We fear corporates will still find ways to manipulate the rules to close or restrict accounts of winning punters.
It also remains to be seen whether Racing NSW has the teeth to enforce these rules, given the corporates are licensed in the Northern Territory.
Time will tell on how the rules are policed.