Racing and Wagering Act 2024

(1) To be eligible to apply for and hold a betting exchange licence or a sports bookmaker licence, an applicant must meet the following criteria:

(c) in the case of a body corporate – have or have arranged a satisfactory ownership, trust or corporate structure;

(i) the financial resources sufficient to ensure the financial viability of the business proposed to be conducted under the licence; and

(ii) the services of persons who have sufficient experience in the management and operation of the business;

(e) have sufficient business ability to establish and maintain the business proposed to be conducted;

(f) have no association with any person or body with undesirable or unsatisfactory financial resources;

(g) have no person involved in the management or operation of the business proposed to be conducted have association with any person or body with undesirable or unsatisfactory financial resources;

(h) have each officer or person determined to be associated or connected with the ownership, administration or management of the operations or business of the applicant be a suitable person to act in that capacity.

(2) When considering suitability under subsection (1)(h), the Commission must consider the following criteria:

(a) whether the person is a fit and proper person, having regard to character, honesty and integrity;

(b) whether the person has any business association with any person, body or association who or which, in the opinion of the Commission, is not a fit and proper person, having regard to character, honesty and integrity or has undesirable or unsatisfactory financial resources.

(3) A person who holds a licence under the Totalisator Licensing and Regulation Act 2000 is taken to be eligible to apply for a betting exchange licence or sports bookmaker licence.