Racing Victoria (RV) has today announced the framework for its Minimum Bet Limit (MBL) policy that will apply to approved Wagering Service Providers (WSPs) betting on Victorian thoroughbred races from 1 October 2016.
RV announced in May 2016 its intention to implement an MBL before undertaking comprehensive stakeholder consultation to determine the most appropriate framework. Responses were received from 480 stakeholders including punters, WSPs, industry participants, media and regulators.
While each segment offered tailored views, there was a fundamental acceptance of the MBL framework implemented by Racing NSW in 2014 and a desire that this be matched by RV for consistency.
Having considered the feedback, RV has determined that its MBL will largely mirror that currently offered to punters wagering on NSW thoroughbred races.
The MBL on Victorian thoroughbred races will apply from 9am (AET) raceday for day meetings and 2pm (AET) raceday for night meetings and allow punters to win up to $2000 on any one metropolitan win bet and $1000 on any one non-metropolitan win bet.
RV Chief Executive, Bernard Saundry, said “We have listened to our customers who were strong in their views that the MBL framework in place in New South Wales is an appropriate one and that for consistency and familiarity it would be beneficial for all if we mirrored it.
“It is our desire for the MBL to take effect from 1 October 2016 and while we acknowledge that this is a looming deadline for WSPs we see the synergies with the New South Wales model providing opportunities for a timelier implementation ahead of the major Spring Racing Carnival meetings.
“Our objective throughout the consultation process was to identify an MBL framework that is effective and appropriate for all stakeholders and ensures that Victorian thoroughbred racing remains their product of choice and we believe that the model will achieve this.”
In announcing its MBL, RV has advised that it has not yet finalised its customer dispute resolution process and its sanctions for non-compliance by a WSP. Finalisation of both, which are required to effectively manage the MBL, will be a key priority for RV over the coming weeks ahead of its scheduled launch.
Notes to Editors
A summary of RV’s MBL framework follows with the detailed framework to be published on RV’s website (rv.racing.com) prior to 1 October 2016:
Approved WSPs will be required to accept a fixed odds bet at odds which are publicly displayed by the approved WSP for any Victorian thoroughbred race to the maximum amount specified as follows:
||In any one Win, Win/Place or Each-way bet: to lose
||In any one Place bet: to lose
|Metropolitan Victorian Thoroughbred
|Non-metropolitan Victorian Thoroughbred
An approved WSP must not do any act or refuse to do any act to avoid complying with the bet limits, including but not limited to:
- Refusing to accept a fixed odds bet
- Closing a person’s account
- Refusing to open a person’s account
- Placing any restrictions on a person’s account in relation to Victorian thoroughbred racing product
- Refusing to lay fixed odds to any person when those fixed odds are publicly displayed
- Laying lesser odds to a person than those publicly displayed
- Any other act or refusal to do an act in order to avoid these provisions
An approved WSP will not be required to comply with the MBL obligations if:
- The customer is not domiciled in Australia
- The bet is a betting transaction on a betting exchange
- The customer has not provided the approved WSP with sufficient funds to pay for the bet
- The bet is placed prior to 9am (AET) on the day of the Victorian thoroughbred race or 2pm (AET) for a night race meeting
- The bet forms part of a multi bet
- The bet is a retail betting transaction
- An approved WSP reasonably suspects the customer placing the bet is not the beneficial owner of the bet or the account is being used in violation of the WSPs account terms and conditions, where the suspicion can be reasonably validated by the WSP through public records, IP address tracking, unique device tracking, etc.
- The customer has not yet met the required account identification and verification processes and thus the approved WSP cannot meet their obligations under The Anti-Money Laundering and Counter-Terrorism Finance Act 2006 (Cth) and any responsible gambling legislation.
- An approved WSP has previously closed the customer’s account because:
- the customer engaged in activity which breached a material condition of the agreement with the WSP, unless the dominant purpose of such condition was to allow the WSP to avoid complying with the MBL conditions; or
- there were other reasons that in the WSPs assessment, acting reasonably, raised material integrity concerns.
10. The customer has been warned off or disqualified, engaged in fraudulent activity or there are other reasons that in RV’s assessment, acting reasonably, raises material integrity concerns
11. There has been an official price fluctuation or the WSPs own price fluctuation has changed
12. An approved WSP has already accepted a bet(s) from an eligible customer to the aggregate amount of the MBL
13. The customer placing the bet is, or is associated with, an employee of a licensed Australian WSP and there is a reasonably held belief that the bet is based on betting information (including but not limited to betting trends and bets placed with that licensed Australian WSP) that is not publicly available
14. The customer has been restricted to betting via a specified platform (e.g. telephone) arising from reasonably held concerns by the WSP as to robotic or systematic use via other platforms / channels
15. The bet is contrary to the Australian Rules of Racing and the Victorian Local Rules and Betting Rules
16. The situation where there are systematic multiple identical (or similar) bets from related / connected parties or from the same IP address
17. Where a customer is betting from, or a bet is received from, a proxy server
18. The bet was a promotional bet such as a bonus bet or free bet, where the customer has not provided payment for the stake
19. RV publishes other exclusions or changes to the MBL framework on its website which will be amended as required
20. Unauthorised scraping of a WSP’s website
*Existing customers only. 2nd Racing bet. Excl SA & WA. T’s & C’s apply. Gamble responsibly.