Race and Sports Bookmaking Act 2001

If the commission considers that the amount of the security guarantee of a race bookmaker or a sports bookmaker (the bookmaker) has become inappropriate, the commission must give a written notice to the bookmaker that states—

that the commission proposes to amend, in the way stated in the notice, the nature or amount (or both) of the security guarantee; and

that the bookmaker may make written representations about the proposal to the commission within 14 days after the bookmaker is given the notice or any longer period allowed by the commission.

Note A security guarantee may be required for:

 a race bookmaking licence (see s 7 (2) (a) (v) and s 10B (3) (a) (v));

 a sports bookmaking licence (see s 92 (1) (h) and (i));

 an approval to engage in race bookmaking at a designated sports bookmaking venue (see s 48 (2)).

After considering any representations made in accordance with subsection (1) (b), the commission may—

amend, in the way stated in the notice or in another way that is not less favourable to the bookmaker, the nature of the security guarantee; or

whether or not the nature of the security guarantee is amended, amend the amount of the security guarantee to the amount stated in the notice or to a lesser amount.

Note Under pt 10 (Notification and review of decisions), a decision to amend, or not to amend, the nature or amount of a security guarantee may, on application, be reconsidered by the commission and reviewed by the ACAT.

If the commission amends the nature or amount of a security guarantee, the commission must, by written notice given to the bookmaker, require the bookmaker to provide to the commission the amended security guarantee within 14 days after the bookmaker is given the notice or any longer period allowed by the commission.