New Zealand Gazette – 2007 – No. 139

Page 3641

✨ Betting Rules Amendments



14 DECEMBER 2007 NEW ZEALAND GAZETTE, No. 139 3641

(iii) decline any request by the Account Holder to withdraw funds from the account
while enquiries are made pursuant to paragraph (ii) above;

(iv) refuse to accept any deposit of funds to the account or, having accepted such a
deposit, may refund that deposit or any balance of the deposit to the Account
Holder at its discretion;

(v) close the account, and retain any funds in the account while enquiries are made
pursuant to paragraph (ii) above or remit those funds to the Account Holder (less a
reasonable administration fee) or retain those funds while enquiries are made
pursuant to paragraph (ii) above.

Change #4

Rule 7.4 is amended to:

7.4 Deposit of funds to a Betting Account

(a) Any person wishing to deposit funds in a Betting Account may do so by funds transfer or
such other means as approved by the Board, providing it complies with the Financial
Transactions Reporting Act 1996.

(b) The Board will endeavour to deposit funds to a Betting Account as instructed by the
depositor. The Board will not be liable for any direct or indirect loss (including but not
limited to consequential loss, loss of profit or loss of opportunity) to the Account Holder in
any way for any failure or time delay of the funds being successfully deposited into a
Betting Account.

(c) No bet will be accepted against a deposit until the funds have been cleared and lodged
into the Betting Account by the Board, and there are sufficient funds in the Betting
Account to cover the bet.

(d) A depositor must produce Identification before depositing cash in the sum of NZ\$5000.00
or more into a Betting Account. Should the deposit be made on behalf of another party
or parties, the Board’s agent at the Totalisator Agency must obtain and record the
Identification of the depositor before the deposit can be made.

(e) In the event that funds are deposited in error into a Betting Account, the funds may be
recovered without reference to the Account Holder. If at the time the Board withdraws
those funds, the balance of the account is not sufficient to cover those funds, the
Account Holder will be liable for the shortfall in the account and will be required to repay
the funds deposited in error.

(f) All funds deposited to a Betting Account that are not denominated in New Zealand
currency will be converted to New Zealand dollars. The Board will not be liable to the
Account Holder in any way for the exchange rate at which the nominated foreign
currency is converted into New Zealand currency. The Board may charge the Account
Holder a reasonable administration fee to cover any costs it incurs in converting the
funds into New Zealand currency.

Change #5

Rule 7.5(a) is amended to:

7.5 Withdrawal of Funds from a Betting Account

(a) Funds may be withdrawn from a Betting Account at a Totalisator Agency upon obtaining
and recording the Account Holder’s account number, code and evidence of Identification
or without reference to the Account Holder where Rule 7.4(e) applies.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2007, No 139


Gazette.govt.nz — PDF NZ Gazette 2007, No 139




✨ LLM interpretation of page content

🏭 Amendments to the Betting Rules (continued from previous page)

🏭 Trade, Customs & Industry
13 December 2007
Racing Act 2003, Betting Rules, Amendments, Racing Board