Racing (Bookmaker Betting) Amendment Regulations 2011 (TAS)

Racing (Bookmaker Betting) Amendment Regulations 2011

I, the Governor in and over the State of Tasmania and its Dependencies in the Commonwealth of Australia, acting with the advice of the Executive Council, make the following regulations under the Racing Regulation Act 2004 .26 July 2011

PETER G. UNDERWOOD

Governor

By His Excellency’s Command,

BRYAN GREEN

Minister for Racing

1Short titleThese regulations may be cited as the Racing (Bookmaker Betting) Amendment Regulations 2011 . 2CommencementThese regulations take effect on the day on which their making is notified in the Gazette. 3Principal RegulationsIn these regulations, the Racing (Bookmaker Betting) Regulations 2004 are referred to as the Principal Regulations. 4Regulation 6 substituted Regulation 6 of the Principal Regulations is rescinded and the following regulation is substituted: 6Obligations of bookmakers regarding laying of odds (1)  If – (a) a bookmaker fielding on a racecourse offers odds against a competitor entered in a race being held on that racecourse; and (b) a bettor tenders a bet to the bookmaker on that competitor in that race – the bookmaker must lay those odds if requested by the bettor, but not so as to be obliged to potentially lose more than $1 000 on the bet. (2)  Despite subregulation (1) , if – (a) a bookmaker fielding on a racecourse on King Island offers odds against a competitor in a race being held anywhere on that island; and (b) a bettor tenders a bet to the bookmaker on that competitor in that race – the bookmaker must lay those odds if requested by the bettor, but not so as to be obliged to potentially lose more than $200 on the bet. (3)  A bookmaker must, if a bettor so requests, lay odds to a minimum of – (a) the sum of 50 cents; or (b) in the case of an each way bet, the sum of 50 cents each way. (4)  If a bettor wishes to place a bet with a bookmaker for an amount which would oblige the bookmaker to potentially lose more than the maximum amount prescribed by this regulation, and the bookmaker is not prepared to accommodate the bettor to the amount of liability of the bet requested, the bookmaker must – (a) tell the bettor the maximum liability that the bookmaker is obliged to accept; and (b) offer to accommodate the bettor to at least that maximum amount. (5)  A bookmaker who fails to comply with subregulation (1) , (2) , (3) or (4) is guilty of an offence.

Penalty:  Fine not exceeding 25 penalty units.

Displayed and numbered in accordance with the Rules Publication Act 1953.

Notified in the Gazette on 3 August 2011

These regulations are administered in the Department of Infrastructure, Energy and Resources.

EXPLANATORY NOTE

(This note is not part of the regulation) These regulations amend the