Racing Industry Act 2020

Betting and TAB venues - Betting - General provisions

86: Amounts of dividends

You could also call this:

“Rules for how much money you can win when betting on races”

When you bet on races, TAB NZ pays out dividends to winners. They have some rules about how much they pay:

TAB NZ must pay you at least as much as you bet, unless they say otherwise in a special notice in the Gazette.

There are rules that say how TAB NZ or racing clubs will round the dividends they pay out. These rules tell you what the smallest amount of money is that you can win.

Sometimes, when TAB NZ or a racing club rounds the dividend, there’s a little bit of money left over. They get to keep this extra money and use it as part of their funds.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS292148.


Previous

85: Availability of betting rules, or

"TAB NZ must share new betting rules with the government and put them online for everyone to see"


Next

87: Use of betting systems for gaming purposes, or

"Rules for using TAB NZ's betting systems for special games"

Part 4 Betting and TAB venues
Betting: General provisions

86Amounts of dividends

  1. Except in any circumstances that TAB NZ may specify by notice in the Gazette, TAB NZ must not pay out by way of dividend an amount less than the amount invested for any bet on which a dividend is payable.

  2. Rules made under section 76 or 78 must state the denomination to which dividends will be rounded and paid out by TAB NZ or, in the case of equalisator betting, a racing club.

  3. All amounts not payable as part of a dividend because of rounding in accordance with rules made under section 76 or 78 may be retained by TAB NZ, or the racing club conducting equalisator betting, and must be regarded for all purposes as part of TAB NZ’s or the racing club’s funds.

Compare