121Betting exchange licence

121 Betting exchange licence (1) A betting exchange licence is required to operate a system that: (a) places and receives wagers between persons through a betting exchange; and

Racing and Wagering Act 2024 56 (b) transmits and matches wagers with opposing wagers through a betting exchange. (2) A betting exchange licence authorises a person to conduct the business of a betting exchange in accordance with subsections (3) and (4). (3) The wagering must be conducted only for the following: Example for subsection (1)(c) The novelty event could be a contingency such as what colour clothing will a specific celebrity wear to a particular public event. (4) The wagering must be conducted only: (a) by using a method: (i) referred to in section 5(1)(b) of the Interactive Gambling Act 2001 (Cth); or (ii) prescribed by regulation; or (b) at premises operated by the licensee at a racecourse with the consent of the race club responsible for the racecourse; or (c) if the licensee also holds a licence under the Totalisator Licensing and Regulation Act 2000 – at retail and other premises allowed under that licence.