Victorian Current Acts Victorian Current Acts(1) In this section—
S. 4.3A.34M(1) def. of wagering and betting funds amended by No. 13/2023 s. 57(a).
"wagering and betting funds" means all money standing to the credit of a registered player in an account with a wagering and betting licensee that is operated for the purpose of enabling the registered player to—
(a) offer or accept bets by way of the betting exchange conducted by the licensee; or
(b) make bets and wagers with the licensee.
S. 4.3A.34M(2) amended by No. 13/2023 s. 57(b).
(2) A wagering and betting licensee must hold all wagering and betting funds of a registered player on trust for that registered player.
Penalty: 60 penalty units.
S. 4.3A.34M(3) amended by No. 13/2023 s. 57(b).
(3) A wagering and betting licensee must not disburse or otherwise deal with wagering and betting funds of a registered player held on trust except—
(a) as authorised under this Act; or
(b) as authorised under an agreement between the wagering and betting licensee and the registered player; or
(c) as the Commission authorises by notice in writing from time to time.
Penalty: 60 penalty units.
S. 4.3A.34M(4) amended by No. 13/2023 s. 57(b).
(4) A wagering and betting licensee may, in accordance with the betting rules or betting exchange rules, debit from the wagering and betting funds of a registered player—
(a) the amount of a bet or wager made by the registered player; or
(b) the amount the registered player has indicated he or she wants to bet or wager; or
(c) a betting exchange commission.
S. 4.3A.34M(5) amended by No. 13/2023 s. 57(b).
(5) A wagering and betting licensee must remit any funds to a registered player under a request made under subsection (6).
S. 4.3A.34M(6) amended by No. 13/2023 s. 57(c).
(6) A registered player, or an authorised representative of the registered player, may request a wagering and betting licensee to remit any wagering and betting funds of the registered player held by the licensee.
S. 4.3A.34M(7) amended by Nos 27/2013 s. 11(1), 13/2023 s. 57(d).
(7) A wagering and betting licensee must comply with a request made under subsection (6) within one business day after the request is received.
Penalty: 60 penalty units.
S. 4.3A.34M (7A) inserted by No. 27/2013 s. 11(2).
(7A) Subsections (5), (6) and (7) apply only after the registered player's identity has been verified under section 4.3A.34L and apply subject to any applicable laws of the Commonwealth.
S. 4.3A.34M(8) amended by No. 58/2009 s. 142(10).
(8) If a wagering and betting licensee has not recorded on behalf of a registered player for a period of 2 years a bet or wager using wagering and betting funds, the licensee must—
(a) remit to the registered player any wagering and betting funds held on trust for the player; or
(b) if the registered player cannot be found, deal with the funds as unclaimed money under the Unclaimed Money Act 2008 .
S. 4.3A.34N inserted by No. 29/2009 s. 57.