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Some protections for whomever wants to buy ACTTAB

By johnboy - 28 November 2013 0

Joy Burch has announced some legislation to try and pump up the value of the ACTTAB assets as we try and sell it:

Legislation aimed at modernising regulatory arrangements for totalisator operations in the ACT was tabled in the Legislative Assembly today, ahead of the Government’s proposed sale of ACTTAB.

ACT Minister for Gaming and Racing Ms Burch said the Totalisator Bill 2013 establishes a clear regulatory framework and licensing terms for totalisator activities in the Territory.

“This Bill will provide greater protection to consumers who participate in totalisator bettingactivities,” Ms Burch said.

“The framework includes regulation over the technology used to provide totalisator betting services, clear licensing arrangements, harm minimisation measures and a framework for consumer protection initiatives.”

Ms Burch said the Bill also clarifies the exclusivity arrangements applying to ACTTAB, relating to the issuance of one licence for totalisator operations in the ACT, which is timely given the Government’s proposed sale of ACTTAB.

“The provisions I announce today are designed with flexibility in mind to address emerging challenges, particularly as the delivery of gambling services continue to evolve with their increased presence online.

“This is especially relevant to totalisator betting which is dependent on technology to provide an increasing list of betting options.”

The pooling of bets and the declaration of winning dividends, only after betting is closed, contrasts with fixed odds betting where the consumer knows the dividend prior to making a bet. This contrast means that consumers of totalisator betting are reliant on the integrity of the technology underpinning totalisator operations.

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