Australian Gambling – New minimum bet legislation that protects punters has come into effect in New South Wales this month.
Under the new laws, enforced by NSW Racing, bookies have to comply with new bet limits and conditions, giving a little power back to the punters.
Bookmakers with a net turnover on the NSW thoroughbred racing industry of $5 million or more now have to accept bets of $2000 for a win and $800 on a place in NSW metropolitan races.
For NSW regional races, it will be $1000 for a win and $400 for the place.
For bookmakers that net less than $5 million on NSW thoroughbreds, all NSW races will see a $1000 win and $400 place minimum before they can be refused.
And, even better, the bookies can’t shut down, restrict, or refuse a punter’s account to avoid complying with the minimum bet limit conditions. Punters who believe that a wagering operator has refused their bet or excluded them in contravention of the minimum bet limit condition can first raise the matter with the bookie and ask for reasons.
And if that doesn’t cut it, they can lodge a formal complaint in writing with Racing NSW, email@example.com.
The new legislation provides some justice for successful punters, both big and small, who may, in the past, fall victim to the chop after cleaning out a bookie.