Betting Control Regulations 1978

No bet can be declared off except by mutual consent or as hereinafter provided, that is to say —

either the backer or the bookmaker may demand bets to be confirmed before the race is run, upon proving to the committee or the stewards that he or she has just cause for so doing; if and when ordered by the committee or the stewards the bets shall be covered or sufficient security given in default of which the bets will be off;

in the event of a race being divided, all bets made on the race at fixed prices before the announcement that the race is divided are off;

all wagers with any person who after the making of the wagers has been declared a defaulter, are off;

a fixed price bet (not being a double, or a bet on the Melbourne Cup, Caulfield Cup, Sydney Cup, Perth Cup or Railway Stakes, or such other race as the Commission may declare to be a race to which this paragraph relates) that is laid on the day on which the race meeting is held is off if the runner on which the bet is laid does not run in the race to which the bet relates.