New Zealand Law Society - Changes to rules for betting

Changes to rules for betting

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Changes to the rules for betting have been made and came into force on 1 August 2019.

With the Betting Rules Amendment Notice (No 2) 2019 the Racing Industry Transition Agency makes a number of changes to the Betting Rules.

These are made pursuant to sections 52 and 54 of the Racing Act 2003, as amended by the Racing Reform Act 2019.

The changes include provisions relating to the Anti-Money Laundering and Countering Funding of Terrorism Act 2009. Other provisions enable the Board to run betting competitions, and a change to the identification requirement before depositing cash onto a Betting Voucher, from ID needed for $10,000 or more, to ID needed for $1,000 or more.

The TAB says it has put a range of systems and processing in place to comply with AML/CFT requirements.

It says TAB customers who want to bet or collect $1,000 or more at a TAB site or at a race meeting will now be required by law to verify themselves using their TAB account or ‘Punters Pass’ - a card the TAB issues to customers who use cash and have had their identity previously verified.

"All TAB staff have received the necessary training to support the new procedures and we have new processes in place to ensure we know the identity of our customers who are betting or collecting over $1,000," says TAB General Manager Customer Gary Woodham.

Customers who don’t have a TAB account and want to bet or collect $1,000 or more at a TAB site or race meeting will now need photo identification and proof of address documentation.