(1)  In this regulation –

concession bet means a bet on the contingency that a competitor backed by the bettor will win a race, with the stake being refunded to the bettor if that competitor is placed second in that race.

(2)  The following conditions apply to a concession bet:

(a) the bet is off if there are fewer than 3 starters in the relevant race when the bet is made;

(b) if the controlling stewards declare that a win-and-place bet in respect of the relevant race is to be paid at totalizator odds, a winning concession bet must –

(i) have its stake divided, half for win and half for place; and

(ii) be paid at totalizator odds;

(c) if there is a dead heat for first place, a winning bettor must be paid an amount equal to the bettor's stake plus a sum equal to the bookmaker's stake divided by the number of competitors that ran the dead heat for first place;

(d) if 8 or more competitors are entered in the relevant race when the bet is made –

(i) the bettors who backed the second-placed competitor must have their stake refunded; and

(ii) if there is a dead heat for second place, the bettors who backed the dead-heaters must be paid an amount equal to their stake divided by half the number of competitors that ran the dead heat for second place;

(e) if fewer than 8 competitors are entered in the relevant race when the bet is made –

(i) the bettors who backed the second-placed competitor must have their stake refunded; and

(ii) if there is a dead heat for second place, the bettors who backed the dead-heaters must be paid an amount equal to their stake divided by the number of competitors that ran the dead heat for second place.