Victorian Current Acts

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GAMBLING REGULATION ACT 2003 - SECT 4.2.4A

Betting exchange rules

S. 4.2.4A(1) amended by No. 13/2023 s. 14(a).

    (1)     A wagering and betting licensee must not operate a betting exchange unless there are in force betting exchange rules under this Division applying to that betting exchange.

S. 4.2.4A(2) amended by No. 13/2023 s. 14(b).

    (2)     Subject to this Act, the regulations and any condition of their wagering and betting licence, a wagering and betting licensee must make betting exchange rules in relation to the betting exchange.

    (3)     Betting exchange rules made under subsection (2) must specify the maximum amount (whether expressed as a percentage or otherwise) that may be deducted as a betting exchange commission.

S. 4.2.4A(3A) inserted by No. 58/2009 s. 65.

    (3A)     Despite anything to the contrary in this section, a betting exchange rule that specifies a maximum amount that may be deducted as commission referred to in subsection (3) does not have effect unless, before the rule is made, the Treasurer has given his or her consent in writing to the maximum amount so specified.

    (4)     Betting exchange rules must specify the day on which they are made and the day on which they come into operation, being a day at least 4 weeks after the day on which they are made or such earlier day (not being earlier than the day of making) approved in writing by the Commission.

    (5)     Betting exchange rules may confer a discretionary authority or impose a duty on a specified person or class of persons.

S. 4.2.4A(6) amended by No. 13/2023 s. 14(c).

    (6)     A wagering and betting licensee must comply with the prescribed requirements relating to the making of betting exchange rules.

S. 4.2.4A(7) amended by No. 13/2023 s. 14(d).

    (7)     Betting exchange rules, as in force when a bet is made, form part of the contract between a wagering and betting licensee and a registered player.

S. 4.2.4A(8) amended by No. 13/2023 s. 14(d).

    (8)     In the case of a brokered betting event, the contract between a wagering and betting licensee and a registered player is to be taken to be subject to the laws of Victoria.

S. 4.2.4A(9) amended by No. 13/2023 s. 14(e).

    (9)     A wagering and betting licensee must make available an up-to-date copy of the betting exchange rules on its website.



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