What is the background information on Australian markets?
Betfair was granted an Australian licence by the Tasmanian Liquor and Gaming Commission to operate a betting exchange in Tasmania from 6th February 2006. As a result, all bets placed on Australian Events from 12:00 (GMT) on 6th February 2006 are now made with Betfair Pty Ltd.
Betfair Pty Ltd has been issued with a Tasmanian Gaming Licence (TGL) in accordance with the Gaming Control Act 1993 (the Act) and any conditions, rules and directions which the Commission determines to issue. The Act includes a number of important provisions of which you should be aware, including but not limited to the following:
- In order to place bets on Australian events all customers must validate their identity. This is a one-off requirement and once completed customers are entitled to bet on Australian events in the normal fashion
- Customers may elect to place a limitation on the amount that they wish to be able to bet, they can exclude themselves from betting and in certain circumstances they can be excluded from betting by third parties who have a close personal interest in the welfare of the customer in question
- It is an offence, punishable by criminal sanctions, including terms of imprisonment and fines:
- for a direct participant of an event to place wagers in relation to that event
- for a direct or indirect participant of an event or an associate of such a person to place wagers in relation to an event in a manner that induces a competitor or official not to perform to the best of their ability, be biased or otherwise cheat
- for the owner of a horse or greyhound to “lay” that horse or greyhound (it is permissible to “back” however)
- for a person to cheat or assist in cheating in the conduct of gaming activity
- Betfair Pty Ltd must always hold sufficient funds in Australian bank accounts to cover bets matched on Australian events
- Key members of Betfair Pty Ltd and employees in positions of authority or control have been required and will on an ongoing basis be required to meet rigorous integrity requirements to the satisfaction of the TLGC
The above points are intended to highlight some of the key features of the Act. These points should not be construed as legal advice. You should read the relevant portions of the Act and, if necessary, obtain your own advice before transacting with Betfair Pty Ltd. You can view the full text of the Act online
Details about the TLGC can be found on the TLGC Website or the TLGC can be contacted about enquiries or complaints on +613 6166 4040 or by email: email@example.com.