Minimum Bet Laws Update
NSW Greyhounds punters received a welcome piece of news last week, with Minimum Bet Law regulations finally approved and starting last week on July 1.
Further detail on this is below.
How minimum bet laws work is that the amount of profit you can make is calculated after the stake is returned to you. This is somewhat like the old days of fractional odds so for example, if a horse is $5 and the limit is $2,000 you can place a $500 fixed odds bet on that horse to win $2,500 where $500 is your original stake and $2,000 is your profit.
The laws are as follows:
“Approved Australian off-course wagering operators are required to lay the odds displayed for fixed odds bets after 9:00am on race-day for thoroughbred day meetings or 2:00pm on race-day for thoroughbred night meetings to the limits below” (9am onwards for all meetings in QLD and the ACT)
Minimum Bet Limits Rules
Provided the wagering service provider’s annual turnover is over $5m, bookmakers must not:
- Refuse to accept a fixed odds bet.
- Close a person’s account.
- Refuse to open a person’s account.
- Place any restrictions on a person’s account.
- Refuse to lay a fixed odds bet to any person when those fixed odds are publicly displayed.
- Laying lesser odds to a person than those publicly displayed.
- Perform any other act or refuse to do an act in order to avoid these provisions.
Metropolitan NSW Thoroughbred races
- Wagering operator to lose a minimum $2,000 (*place component $800)
Non-Metropolitan NSW Thoroughbred races
- Wagering operator to lose a minimum $1,000 (*place component $400)
Metropolitan Victorian Thoroughbred:
- In any one Win, Win/Place or Each-way bet: to lose $2000
- In any one Place bet: to lose $800
Non-metropolitan Victorian Thoroughbred:
- In any one Win, Win/Place or Each-way bet: to lose $1000
- In any one Place bet: to lose $400
Metropolitan Queensland racing:
- In any one Win, Win/Place or Each-way bet: to lose $2000
- In any one Place bet: to lose $800
Non-metropolitan Queensland racing:
- In any one Win, Win/Place or Each-way bet: to lose $1000
- In any one Place bet: to lose $400
SOUTH AUSTRALIA
MBL’s start at 9am raceday for daily meets and 2pm for night meets.
METRO: Bet to win $2000 ($800 place component)
NON-METRO: Bet to win $1000 ($400 place component)
https://www.racing.com/news/2018-07-03/sa-introduces-minimum-bet-limit
TASMANIA
MBL’s start at 9am raceday for daily meets and 2pm for night meets.
ALL THOROUGHBRED RACING Bet to win $1000
https://tasracing.com.au/minimum-bet-limit-introduced-tasmanian-thoroughbred-racing
ACT
MBL’s start at 9am raceday for daily meets and 2pm for night meets.
BLACK OPAL STAKES MEETING: Bet to win $2,000 ($800 place component) ALL OTHER THOROUGHBRED RACING $1,000 ($400 place component)
GREYHOUNDS
For New South Wales Greyhound events, from July 1, the following minimum bet levels will be applicable for wagers made via account, from within two hours prior to the scheduled start time of the opening race of the meeting / race programme:-
Metropolitan NSW Greyhound races – Group 1 Final Field Races and Million Dollar Chase Final
$2,000 (*Place component $1,000)
Metropolitan NSW Greyhound races – All other races
$750 (*Place component $375)
Non-metropolitan NSW Greyhound races
$500 (*Place component $250)
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