7 JUNE

NEW ZEALAND GAZETTE

1485

event upon which such betting is conducted but in any case not less than (120) days.

5.1.8 The Board shall at all times endeavour as far as it is reasonably possible to do so, to provide accurate and up to date details of competitors including as to withdrawals and results for all sporting events on which fixed price sports betting is conducted.

5.1.9 All fixed price betting upon sporting events shall be on the basis All In.

5.1.10 The Board will use its best reasonable endeavours at all times to acquaint itself of any withdrawals in respect of a particular sporting event. However in any case where the Board was aware or ought to have been aware of a withdrawal and inadvertently continues to accept bets in respect of a result directly relating to that competitor, the Board may in its discretion refund the amount of such bet upon which shall have no further liability.

5.1.11 If any sporting event shall be postponed or cancelled prior to its commencement or subsequently abandoned the Board shall refund all bets on that event, including as to multi leg betting which such event formed a leg of such bet.

5.1.12 Upon the declaration of the result by the Board payment of returns in respect of all successful bets shall be made in accordance with these Rules.

5.1.13 The Board shall at all times retain the right to postpone the payment of returns in respect of any sporting events, as it shall see fit.

5.1.14 Settlement between the Board and any bettor or group of bettors shall not be disturbed by the operation of these Rules save for cases of fraud or dishonesty.

5.1.15 The Board may at its absolute discretion lay-off any fixed odds bet on to other legal betting systems, in respect of a result of a sporting event, for the purpose of limiting the Board’s financial exposure from betting on that event.

5.1.16 No member of the staff of the Board is permitted to make a fixed price sports bet.

6. CONDITIONS APPLICABLE TO FIXED ODDS RACE BETTING

6.1 Rules for the Administration and Conduct of Fixed Odds Race Betting

6.1.1 Purpose of Rules

The purpose of these Rules is to make provision for the conditions under which bets will be accepted at or through Totalisator Agencies and for other matters incidental to the operation of betting conducted under Part VA of the Racing Act 1971 and its subsequent amendments.

6.1.2 Interpretation

“Winning Option” means the contingency or contingencies deemed to win, or place, if appropriate according to the Rules of Racing, the Rules of Harness Racing or Rules of Greyhound Racing.

“Current Betting” means the sale of fixed odds bets on a race after the official closing time for final acceptances on that race.

“Current Deduction” means the whole number percentage obtained by truncating any fractional part from the application of the following formula:- 100 + the ‘return’ for a horse withdrawn from a race, at the time it was withdrawn provided the return is less than $25.00.

“Futures Betting” means the sale of fixed-odds bets on a race or combination of races at any time prior to the official closing time for final acceptances on that race or the first race of a combination of races.

6.1.3 (a) The Board may conduct fixed odds race-betting in respect of the forms of betting which are included in the authorisation of the Racing Industry Board pursuant to section 99n.

(b) The Board may set and vary returns for any race or combination of races.

(c) The return for a fixed-odds race bet will be specified at the time the bet is made and can only be altered in the following circumstances.

(i) in respect of “current betting”, the return may be altered in the event of the withdrawal of another acceptor or acceptors from the race concerned, in the following manner - all current betting on a race prior to the withdrawal of an acceptor shall have the returns reduced by a percentage equal to the current deduction calculated for the withdrawal or withdrawals and provided that no deduction will apply if the return for a withdrawal is more than $25. Current betting on a withdrawn acceptor will be refunded in full.

(ii) in respect of “futures betting” the return shall not be altered in the event of the withdrawal of an entrant. Futures Betting on a withdrawn entrant will be retained by the Board.

6.1.4 The Board may at its absolute discretion lay off any fixed odds race bet on to other legal betting systems in respect of a result of a race on one or more of the same contingencies, for the purpose of limiting the Board’s financial exposure from betting on that race.

6.1.5 The Board shall ensure that any shortfall in respect of fixed odds race betting is not recouped from money derived from totalisator betting.

The Board shall establish a separate account into which shall be deposited sufficient funds from the profits of fixed-odds race betting to maintain that account at the level determined by the Industry Board under section 99F of the Act.

6.1.6 Acceptance of Betting

The Board at the determination of the Industry Board may allow for the placing of fixed odds bets at any time before the start of either any specified race or the start of the first race of a bet on a combination of races.

6.1.7 Refusal of Fixed-Odds Bets

The Board can at any time discontinue the setting of Returns and decline to accept fixed-odds bets, in full or in part, in respect of particular outcomes of a race or combination of races. The Board may refuse to accept any fixed-odds bet without stating reasons.

6.1.8 Fixed-odds Betting

Dividends will only be paid to bets selecting a Winning Option in a race, or combination of races. Bets not selecting a Winning Option shall be retained by the Board.

6.1.9 Postponements and Abandonments

At its absolute discretion, the Board may allow a period of up to and including seven days for a postponed race to be conducted and have all fixed-odds bets remain valid.

All fixed-odds bets will become void and be refunded in full when the race involved is abandoned.

6.1.10 Dead Heats

In any race where two or more runners dead heat, the amount to be paid to successful fixed-odds race bets in respect of such runners shall be the Return divided by the number of such combinations of runners included in such a dead-heat except where such a dead-heat has been offered by the Board as a separate option in which case it shall be