Unclaimed moneys
10ZB Unclaimed moneys
In this section —
moneys means moneys payable by a wagering licensee by way of totalisator dividends, fixed odds winnings or refunds;
Sports Wagering Account means the account established under the Gaming and Wagering Commission Act 1987 section 110A;
unclaimed, in relation to moneys, means unclaimed by any person entitled to them for 7 months after the moneys become payable.
The wagering licensee must pay moneys unclaimed in respect of bets made on sporting events into the Sports Wagering Account not later than the last business day of the month following the period of 7 months after the moneys become payable.
When moneys are paid into the Sports Wagering Account under subsection (2) —
the moneys become part of the funds of that Account; and
the person who was entitled to claim the moneys has no enforceable claim in respect of the moneys.
The wagering licensee must pay moneys that remain unclaimed in respect of bets other than bets made on sporting events to RWA not later than the last business day of the month following the period of 7 months after the moneys become payable.
When moneys are paid to RWA under subsection (4), the person who was entitled to claim the moneys has no enforceable claim in respect of the moneys.
[Section 10ZB inserted: No. 21 of 2019 s. 47.]
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