Australian Capital Territory Numbered Acts

RACING AMENDMENT ACT 2013 (NO. 1 OF 2013) - SECT 37

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"bet back" means a bet by a bookmaker on 1 or more runners in a race if the bet is made to offset, completely or partly, the bookmaker's liability for bets made with the bookmaker on the race.

"bets held on races conducted in the ACT", by a licensed wagering operator—

        (a)     means—

              (i)     all bets and wagers accepted by the operator for any race conducted in the ACT whether or not the actual amount owing has been paid; and

              (ii)     the aggregate of all bets or wagers placed by the operator's customers on a betting exchange for any race conducted in the ACT; but

Note     Aggregate bets on a betting exchange, is the backer's side of wagers made by the licensed wagering operator's customers through the operation of the betting exchange, whether or not the betting exchange is a party to the wagering contract.

        (b)     does not include—

              (i)     free or complimentary bets taken for a race conducted in the ACT; or

              (ii)     multi-leg bets that include at least 1 race conducted outside the ACT.

"bets paid", in relation to a licensed wagering operator—

        (a)     means all bets and wagers paid or settled by the operator for any race conducted in the ACT; but

        (b)     does not include—

              (i)     payments made by the operator on any free or complimentary bets that were accepted; or

              (ii)     payments made by the operator on multi-leg bets that include at least 1 race conducted outside the ACT; or

              (iii)     unclaimed bets or dividends of the operator.

"wagering turnover", of a licensed wagering operator, for a financial year means—

        (a)     the total amount of bets held on races conducted in the ACT; less

        (b)     the amount of any bet back on any race conducted in the ACT in the year.