Racing Victoria today announced an updated policy for wagering operators in Victoria with one of the major points being that a minimum bet limit will be introduced as soon as practically possible.
A minimum bet limit will mean bookmakers will have to accept bets up to this amount without knocking back the punter.
There is yet to be an exact minimum bet amount, with Racing Victoria to consult stakeholders before setting an exact figure.
The minimum bet rule is set to be introduced from 1st October 2016.
Taken from the media release:
A minimum bet limit will be introduced as soon as practically possible with extensive consultation to be undertaken in the coming weeks to ensure RV implements an effective and appropriate policy for all stakeholders. A target date of 1 October 2016 has been set.
Racing NSW introduced similar requirements for bookmakers last year with bookmakers in NSW required to take the following bets;
For Australian Wagering Operators with Net Assessable Turnover on NSW Thoroughbred races greater than or equal to $5 million
NSW Metro races: Wagering operator to lose a minimum $2,000 (*place component $800)
Non Metro races: Wagering operator to lose a minimum $1,000 (*place component $400)
For Australian Wagering Operators with Net Assessable Turnover on NSW Thoroughbred Races less than $5 million
All NSW Races: Wagering operator to lose a minimum $1,000 (*place component $400)
