Management of fixed odds — prescribed margin
17EA Management of fixed odds — prescribed margin
When fixed odds betting is conducted by RWWA on a race or event, RWWA shall ensure that the odds offered, when assessed in accordance with subsection (3), give rise to a figure “m” (“margin”) equal to or greater than the prescribed figure (“margin”) for that type of race or event.
Subsection (1) does not apply if RWWA is conducting a jointly operated fixed odds betting system and has adopted, and is operating under, the rules pertaining to that joint system that were already in place.
For the purposes of subsection (1), “m” is to be calculated by assessing the individual odds offered on every participant in a race or event using the following formula —
where
p1 represents the odds (expressed as a percentage) offered on the first participant in that race or event; and
p2 represents the odds (expressed as a percentage) offered on the second participant in that race or event; and
p3 represents the odds (expressed as a percentage) offered on the third participant in that race or event, etc. (...depending on the number of participants in the particular race or event…); and
n represents the number of participants in that race or event.
[Section 17EA inserted: No. 40 of 1999 s. 33; amended: No. 35 of 2003 s. 103.]
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