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New Zealand law explained for everyone

Racing Industry Act 2020

Betting and TAB venues - Betting

75: Racing clubs may conduct equalisator betting

You could also call this:

“Racing clubs can run a special type of betting if they follow the rules”

If you have a betting licence, your racing club can run equalisator betting on races that happen on the day your licence is for. You need to follow the rules in your licence.

Your racing club can take up to 15% of the bets as commission. You do this after giving back any bets that need to be refunded.

You must give out all the money from equalisator betting as dividends to the winners. First, you take out any refunds and your commission. You might need to round the dividends to a certain amount, as said in section 76.

It’s against the law for your racing club, or anyone who works for it, to use the betting money for anything else. If you break this rule, your racing club could be fined up to $3,000. If you’re a person working for the racing club, you could be fined up to $1,500.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS292133.

Topics:
Money and consumer rights > Gambling Business > Industry rules
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Part 4 Betting and TAB venues
Betting

75Racing clubs may conduct equalisator betting

  1. A racing club that has a betting licence may conduct equalisator betting on races held by it on the date to which the licence relates and on the terms and conditions set out in the licence.

  2. A racing club may deduct from the bets made by way of equalisator betting, after first making any refunds of bets, an amount not exceeding 15% as commission for the club.

  3. Except as provided in rules made under section 76 stating the denomination to which dividends are to be rounded and paid out, a racing club must declare and pay out as dividends all money received by way of equalisator betting, after deducting all refunds of bets and the commission authorised by subsection (2).

  4. A racing club, or member, officer, agent, or employee of a racing club commits an offence if the person knowingly makes, authorises, or permits any payment from money received by way of equalisator betting except in accordance with subsection (2) or (3).

  5. A person who commits an offence against subsection (4) is liable on conviction,—

  6. in the case of a racing club, to a fine not exceeding $3,000:
    1. in the case of a member, officer, agent, or employee of a racing club, to a fine not exceeding $1,500.

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