16Obligations of bookmakers regarding laying of odds

16 Obligations of bookmakers regarding laying of odds

(1)  In this regulation –

each-way bet means a bet on the contingency that a competitor backed by the bettor will be placed in a race.

(2)  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.

Penalty:  Fine not exceeding 25 penalty units.

(3)  Despite subregulation (2) , 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.

Penalty:  Fine not exceeding 25 penalty units.

(4)  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.

Penalty:  Fine not exceeding 25 penalty units.

(5)  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.

Penalty:  Fine not exceeding 25 penalty units.