Framework for Minimum Bet Limit

RACING VICTORIA PUBLISH MINIMUM BET LIMIT FRAMEWORK

For Australia-domiciled punters betting on Victorian thoroughbred Races.

Racing Victoria (RV) has published its “Framework for Minimum Bet Limit” (FMBL) following a consultation initiated in July this year.

The Minimum Bet Limit (MBL) policy will apply to all approved Wagering Service Providers (WSPs) betting on Victorian thoroughbred races from 1 October 2016.

The stakeholder consultation received responses from 480 stakeholders including punters, WSPs, industry participants, media and regulators, the body said, after which it determined that the MBL would largely mirror that implemented by Racing New South Wales.

Key points from the MBL include:

–    Minimum bet limits apply to Victorian thoroughbred races from 9am (AET) raceday for day meetings and 2pm (AET) raceday for night meetings.

–    Allow punters to win up to $2000 on any one metropolitan win bet and $1000 on any one non-metropolitan win bet.

–    Betting transactions on a betting exchange are excluded from the FMBL.

“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,” Bernard Saundry, chief executive of Racing Victoria, said.

In the lead up to the implementation deadline, RV will finalise its customer dispute resolution procedure along with sanctions for non-compliant WSP’s.