Unprecedented Checks In Betfair Agreement
- Thursday, 03 November 2005 00:00
The Betfair agreement takes probity arrangements on racing to new levels.
Premier Paul Lennon said anyone found to be in breach of the Tasmanian Government’s tough probity legislation would be subject to fines of up to $1 million and four years in prison.
Mr Lennon said the unprecedented new set of probity arrangements would be applied to ensure the highest standards of probity and consumer protection.
“Betfair is already available but without regulation. Our licensing agreement changes that and enforces the strictest system of probity checks anywhere in the world,” Mr Lennon said.
“The audit trail of bets on the Betfair system will log every transaction by punters.
“Race stewards will be able to identify individual registered gamblers as they lodge wagers and will be able to monitor their gambling activities.
“Even before they start using Betfair, each punter will go through an exhaustive identity and credit check before being allowed to use the system.
“So anyone attempting any form of malpractice will be identified.”
Mr Lennon said amendments to the Gaming Control Act, 1993 will protect the integrity and probity of the racing industry.
“For example, it will be a punishable offence for a person to bet with a betting exchange if the person is a direct participant in the event, such as a jockey, an owner or an AFL footballer.
“Our legislation will also eprovide for the prosecution of indirect participants where they have sought to unfairly influence a direct participant.
“We will also make provisions for people to be excluded from access to Betfair, either by their own request or through third-party application.”
Mr Lennon said the Tasmanian Government will legislate to apply the same harm minimisation initiatives to Betfair that already apply to other forms of gambling operating in the State.
Four per cent of the 15 per cent tax rate applied to all Australian events will be directed to the Community Support Levy where the winning punter is registered as a Tasmanian resident.
This equals four per cent of gross commissions, aligning Betfair’s contribution to the CSL with that applicable to gaming machines in hotels and clubs.
Other integrity and probity measures that will either be extended or included in the regulatory arrangements include:
- Prohibiting market manipulation by operators.
- Prohibiting punters from denying the operator from releasing relevant information about them,
- Subjecting the operator to a range of probity regulations and prohibiting jockeys, trainers and other direct participants from using a betting exchange.
“We will also be giving full authority to stewards and officials to access all of the betting records to conduct any investigations which might be necessary,” Mr Lennon said.
“But it must be remembered that this system contains its own safeguards.
“Every punter using the system will be fully identifiable. That’s the very nature of this operation, and that will serve to make the system fully accountable.
“We will not compromise on probity and integrity.
“We will be focussing great attention on ensuring that the system is safe for the people using it, and fully and responsibly regulated.”
Media Release - Tasmanian Government
