Second Australian state introduces minimum bet liability rules
Operators unhappy with new framework forcing them to lay bets to win AUS$2,000 on major races
Racing Victoria has announced plans to introduce a minimum bet limit (MBL) policy on all thoroughbred racing in the Australian state from 1 October 2016.
The new framework will apply from 9am on raceday for day meetings and 2pm for night meetings, forcing bookmakers to accept liability up to AUS$2,000 (£1,150) on any one metropolitan win bet and $1,000 (£575) on any one non-metropolitan win bet.
The racing body said it had considered opinions from more than 480 stakeholders when consulting on the policy and it had found a “fundamental acceptance” of the framework implemented by Racing NSW in 2014 .
“We have listened to our customers who were strong in their views that the MBL framework in place in New South Wales (NSW) is an appropriate one and that for consistency and familiarity it would be beneficial for all if we mirrored it,” Racing Victoria chief executive, Bernard Saundry, said.
“It is our desire for the MBL to take effect from 1 October 2016 and while we acknowledge that this is a looming deadline for operators, we see the synergies with the NSW model providing opportunities for a timelier implementation ahead of the major Spring Racing Carnival meetings.
The NSW minimum bet framework proved unpopular with bookmakers after its implementation, with operators claiming that it could force them to offer worse prices to compensate for higher losses and admin fees.
And the Victoria model is generating similar anger among operators, with a spokesperson for a leading Australian bookmaker telling EGR that Racing Victoria “didn’t take on board any feedback from the bookies”.
“It’s enabling bowler accounts [an account registered in someone else’s name] and fixing a problem that doesn’t exist just to cater for a vocal minority,” the spokesperson said.
“It’s just Racing Victoria over-administering, and eventually they will realise they are overstepping when the industry starts to go backwards and they lose disposable income to other forms of entertainment.”
The spokesperson added that the framework was “admin-heavy” for operators to implement and could have a significant impact since Victoria racing accounts for around a third of overall racing wagering.
The age-old debate about bookmaker restrictions and limits was reignited in the UK last week with the launch of Black Type Bet, a new bookmaker promising not to close accounts and lay customers a liability of up to £500 on UK and Ireland racing and £1,000 on major sports.
However 53% of EGR readers said bookmakers shouldn’t be forced to implement similar minimum liabilities for fear of increasing margins and worse odds for recreational punters.