TAB move quickly to prevent tote manipulation
Media Statement 27 October 2000
For immediate release
The NZRIB and TAB move quickly to
prevent tote manipulation
in New Zealand
The New Zealand Racing Industry Board has gazetted two changes to the Racing Act in order to remove the possibility of large-scale tote manipulation by an overseas betting syndicate.
Recently this syndicate orchestrated a manipulation of the Queensland TAB tote by placing very large bets on the favourites, pushing the dividend to below 60 cents, while at the same time putting sizeable bets on every other runner in the field. Due to current Australian legislation, the Queensland TAB was obliged to make up the winning dividend to $1 which required it to top up the tote by nearly $300,000 for this one race.
In order to eliminate the possibility of this manipulation being repeated on the New Zealand Tote, the NZRIB has gazetted changes to the Racing Act. These allow the New Zealand TAB the option of not making up the place dividend to $1 if more than 60% of the investment on the place pool is on one runner, or if the total amount of place dividends payable would otherwise have exceeded the total amount of investment on the place pool.
These changes have been made to
preserve the integrity of New Zealand racing pools and to
protect New Zealand bettors.
The Chairman of the NZRIB/TAB, Mr Rick Bettle said today “I wish to reassure all bettors on the New Zealand Tote that these changes are only aimed at those who manipulate the tote. If anybody is attempting to manipulate the tote in a similar way to what happened in Queensland, the TAB now has the discretion in certain circumstances not to top up the payout. The NZRIB is confident that its swift action in plugging this loophole will deter any attempt to try and operate such a scheme on the New Zealand Tote.”
further information please contact:
Telephone: 0-4-479 9364