Racing Victoria Outlines Minimum Bet Limit Policy
Racing Victoria, the regulatory body for horse racing in Victoria, Australia, has outlined its new minimum bet limit policy (MBL) for race betting operators, which will come into effect from next month.
The new policy will come into effect in Victoria from October 1, 2016 and will be almost identical to the policy that was implemented in New South Wales in 2014. The new MBL policy will apply on the day of the race from 9am for day race meetings and from 2pm for night meetings. Punters will be able to win up to $2,000 on any one-win bet for a metropolitan meeting and up to $1,000 on any one-win bet for a non-metro meeting. Bookies must also accept fixed odds place bets to lose a minimum amount of $800 for metropolitan meetings and $400 for non-metropolitan meetings.
Racing Victoria has said that it plans to introduce sanctions for those who do not comply, although the sanctions have yet to be determined.
According to Bernard Saundry, chief executive of Racing Victoria, the policy was developed following feedback from 480 stakeholders which included punters, bookmakers, regulators, participants and media.
“We have listened to our customers, who were strong in their views that the MBL framework in place in New South Wales is an appropriate one and that for consistency and familiarity it would be beneficial for all if we mirrored it,” said Saundry.
“It is our desire for the MBL to take effect from 1 October, 2016 and while we acknowledge that this is a looming deadline for WSPs [wagering service providers], we see the synergies with the New South Wales model providing opportunities for a timelier implementation ahead of the major Spring Racing Carnival meetings.”
March 23, 2017