sec.8Meaning of totalisator

sec.8 Meaning of totalisator

A totalisator is a system used— to enable persons to invest money on events or contingencies with a view to successfully predicting specified outcomes of the events or contingencies; and to enable the totalisator pool to be divided and distributed among the persons who successfully predict the outcomes. A totalisator also includes an instrument, machine or device under which the system mentioned in subsection (1) is operated. In subsection (1) (b) , a reference to the totalisator pool is a reference to the amount left from the investments after— making allowances for refunds of investments; and deducting commission for the conduct of the totalisator; and adding any pool top-up amount. In this section— minimum pool amount , for a totalisator, means an amount worked out by using the formula— where— MPA means the minimum pool amount. A means an amount that the authority operator for the totalisator advertises is the minimum amount that will, after amounts are refunded and deducted as commission, be available for the payment of dividends out of the totalisator for an event or contingency. R means an amount paid out of the totalisator as a refund of an investment. C means the amount that would be deducted as commission if the amount invested in the totalisator equalled A minus R. pool top-up amount , for a totalisator, means an amount added by an authority operator to the totalisator so the amount available for the payment of dividends equals the minimum pool amount for the totalisator. s 8 amd 2014 No. 30 s 43 (sec.8-ssec.1) A totalisator is a system used— to enable persons to invest money on events or contingencies with a view to successfully predicting specified outcomes of the events or contingencies; and to enable the totalisator pool to be divided and distributed among the persons who successfully predict the outcomes. (sec.8-ssec.2) A totalisator also includes an instrument, machine or device under which the system mentioned in subsection (1) is operated. (sec.8-ssec.3) In subsection (1) (b) , a reference to the totalisator pool is a reference to the amount left from the investments after— making allowances for refunds of investments; and deducting commission for the conduct of the totalisator; and adding any pool top-up amount. (sec.8-ssec.4) In this section— minimum pool amount , for a totalisator, means an amount worked out by using the formula— where— MPA means the minimum pool amount. A means an amount that the authority operator for the totalisator advertises is the minimum amount that will, after amounts are refunded and deducted as commission, be available for the payment of dividends out of the totalisator for an event or contingency. R means an amount paid out of the totalisator as a refund of an investment. C means the amount that would be deducted as commission if the amount invested in the totalisator equalled A minus R. pool top-up amount , for a totalisator, means an amount added by an authority operator to the totalisator so the amount available for the payment of dividends equals the minimum pool amount for the totalisator.