Sports Bookmaker Licence

Transcription

1 Sports Bookmaker Licence Schedule Containing Conditions for the Licence for the Conducting of the Business of a Sports Bookmaker issued to XXXXXXXXXXXXXXXX General: 1. The Sports Bookmaker must conduct their business from designated business premises in the Northern Territory as approved by the Racing Commission (the Commission). 2. The Sports Bookmaker may conduct business 24 hours per day, every day of the year. 3. The Sports Bookmaker shall at all times comply with the provisions of all applicable laws in force in Australia, including the Northern Territory. 4. The Sports Bookmaker shall at all times comply with the terms and conditions of its Licence. The Sports Bookmaker shall ensure that its Company Nominee(s) and Key Employees are aware of and comply with the requirements of the Licence. 5. The Sports Bookmaker may accept bets on approved sporting events only for which specific rules are promulgated as per Condition The Sports Bookmaker must set out clearly in its terms and conditions how its customer funds are protected in the event of insolvency or misappropriation. 7. The Sports Bookmaker shall, when requested by the Commission and at the cost of the Sports Bookmaker, arrange for a person approved by the Commission to audit the Sports Bookmaker s financial operations, which may include but not be limited toverification and reconciliation of: tax payments, long term wagers bank accounts, and bank accounts relating to client funds.. 8. The Sports Bookmaker shall ensure that the report of any audit conducted under Condition 7 is provided to the Commission within ninety days of the date of a request by the Commission. 9. The Sports Bookmaker shall promulgate a set of clearly comprehensible terms and conditions (which shall include betting 06/01/ of 6

2 rules) and shall at all times adhere to those terms and conditions in its interaction with its customers. The Sports Bookmaker shall give written notice to the Commission of any material amendments or additions to the current approved terms and conditions (within 14 days of those amendments being made) and ensure that its customers are made aware of those amendments (which shall be clearly highlighted on its website). The Commission reserves the right to not approve any changes to the current terms and conditions if deemed appropriate. 10. The Sports Bookmaker shall not allow any customer to withdraw monies from their nominated account until satisfactory proof of age and identity is provided in compliance with the Know Your Customer requirements pursuant to the Anti-Money Laundering and Counter Terrorism Financing Act. In circumstances where the customer has failed to provide sufficient proof of age or identity within 45 days of placing a bet or funding an account, the Sports Bookmaker shall immediately freeze the account and advise the customer that the account will remain frozen until sufficient proof of age and identity is obtained. 11. There will be no diversion of bets or client payments to any location, business or entity outside the jurisdiction of the Northern Territory, and upon request by the Commission, the Sports Bookmaker will permit access by an authorised representative of the Commission to any daily operational or management data in this regard. 12. The Sports Bookmaker will comply with any reasonable direction issued by the Commission in relation to the National Sports Betting Model. 13. The Sports Bookmaker must include pre-commitment and deposit limit options on customer application/registration forms. 14. The Sports Bookmaker must comply with the Code of Practice for Responsible Online Gambling issued by the Commission under the Racing and Betting Act, and as amended from time to time. 15. The Sports Bookmaker s terms, conditions (including the betting rules) must be accessible readily at all times to all customers through all wagering channels. 16. The Sports Bookmaker must maintain a complete and up-to-date register of all affiliate arrangements setting out all information as the Commission may require that it enters into in the normal course of its business, and make that register available for inspection by the Commission. 06/01/ of 6

3 17. The Sports Bookmaker shall not enter into, without prior written approval of the Commission, any White Label arrangements/agreements (where the arrangement falls under section 81 of the Racing and Betting Act.) 18. The Sports Bookmaker shall ensure that, at a minimum, call centre operations are located in the Northern Territory. 19. The Sports Bookmaker shall maintain separate records of all bets made. 20. The Sports Bookmaker shall ensure that all conversations with customers, regardless of medium, are recorded on approved recording equipment. 21. The Sports Bookmaker must have in place internal policies and procedures (including staff training) designed to ensure their staff co-operate with the Commission s inspectors in the performance of their compliance functions and are aware of the inspectors' right of entry to the business premises of the Sports Bookmaker. 22. If the Sports Bookmaker suspects that they hold information relating to the commission of an offence (or an integrity risk) relating to the conduct of racing or sporting events, they must give notice setting out that information to the relevant racing or sporting controlling body or other authority in accordance with any applicable product arrangement or applicable law and provide details of that notification to the Commission, as soon as reasonably practicable. 23. No goodwill will attach to the Licence which is non-transferable. Corporate: 24. The licencee company registration with the Australian Securities and Investment Commission must show the Principal Place of Business as the same address as that noted on the licence (see Condition 1). 25. The person(s) endorsed on the Licence as the company nominee(s) for the purposes of section 90 (5A) of the Racing and Betting Act ( Company Nominee) must be located in the Northern Territory and contactable at all times. If the Company Nominee departs from the Northern Territory or is not contactable readily, the Sports Bookmaker shall ensure that an alternative nominee approved by the Commission is available at all times to provide access to the business premises of the Sports Bookmaker (see Condition 1) and to respond to queries from the Commission. 06/01/ of 6

4 26. The Sports Bookmaker shall obtain the approval of the Commission before any change is made to any of the directors, the Company Nominee(s), and the persons concerned in the management or control (key employees) of the Sports Bookmaker or any person having an interest of 10% or more in the Sports Bookmaker. The Sports Bookmaker shall provide such information as the Commission may require to enable the Commission to consider whether to grant approval under this Condition. 27. The Sports Bookmaker shall not allow any transfer of its shares or in any corporation, or issue any new shares which results in any person having an interest of 10% or more (direct or indirect) in the Sports Bookmaker, without first obtaining the approval of the Commission. 28. The Sports Bookmaker shall not make any changes to the structure of its share capital or ownership, without the prior approval of the Commission. 29. The Sports Bookmaker shall provide to the Commission a copy of any notice that it makes to the Australian Stock Exchange or the Australian Securities and Investment Commission. 30. The Sports Bookmaker shall immediately give written notice to the Commission (with that notice providing a reasonable summary) of: (a): any legal action involving an amount of $30,000 or more involving betting activity and/or integrity issues relating to the business conducted under the Licence which is: (i) (ii) instigated against the Sports Bookmaker or instigated by the Sports Bookmaker. (b). any formal notice giving intention to wind up the Sports Bookmaker. 31. The Sports Bookmaker must inform the Commission, as soon as practicable, of any investigation commenced by a professional, statutory or other regulatory or government body (in whatever jurisdiction) into the Sports Bookmaker s activities, where such investigation could result in the imposition of a sanction or penalty which, if imposed, could reasonably be expected to raise doubts about the Sports Bookmaker s continued suitability to hold a Sports Bookmaker s licence. 06/01/ of 6

5 Financial: 32. The Sports Bookmaker shall lodge and maintain a security in an approved form with the Commission of an amount determined by the Commission, but of not less than AUD$200, The Sports Bookmaker must establish a totally separate bank account for long term bets where long term bets are those that will not be decided within one (1) month of receipt of the bet. The only payments to be made from monies held for long-term bets shall be to settle a long-term bet once it has been decided. The Sports Bookmaker shall ensure that no bank fees or other charges are deducted from the account in which long-term bets are held. 34. The Sports Bookmaker shall maintain a bank account(s) which at all times shall have sufficient funds to cover all monies owed by the Sports Bookmaker to all its customers. The bank account funds shall not be less than the total of all customers credit balances with the Sports Bookmaker. 35. The Sports Bookmaker will provide to the Commission annual audited financial reports (where available), including balance sheet and profit and loss statements, within three months of the end the financial year of the Sports Bookmaker. Systems: 36. The Sports Bookmaker may accept bets by any means approved by the Commission, at the designated premises, on approved sporting events by a system approved by the Commission. 37. The Commission may appoint an auditor at any time to confirm that the approved system, or any element(s) of the approved system, meets the requirements of the Commission. The cost of such audit will be met by the Sports Bookmaker. 38. The Sports Bookmaker must comply with the Commission s technical standards and with the requirements set by the Commission relating to the timing and procedures for testing. 39. In accordance with section 74(1) of the Racing and Betting Act, the Sports Bookmaker is not required to issue a physical betting ticket but bet confirmation must be provided to each customer and recorded on its approved computer betting system. 40. The Sports Bookmaker must not allow any third party to access electronic records or systems associated with the conduct of the business of the Sports Bookmaker unless the written approval of the Commission is first sought and obtained. 06/01/ of 6

6 41. If any activity of the Sports Bookmaker involving personal, financial, or wagering information, is processed by a Cloud Service Provider (CSP), the Sports Bookmaker s information security management system will be independently reviewed at the Sports Bookmaker s expense. 42. The Sports Bookmaker must give notice to the Commission upon a breach of its information security that affects adversely the confidentiality of customer data or prevents customers from accessing their accounts for longer than 24 hours. 43. The Sports Bookmaker must maintain an Independent Audit Log in the Northern Territory and hosted in a facility approved by the Commission. The Sports Bookmaker shall arrange for an independent review of the Audit Log to be conducted by a party acceptable to the Commission and at the Commission s written request and at the Sports Bookmaker s expense, to ensure compliance with Commission requirements. Reporting: 44. The Sports Bookmaker shall, not later than the tenth day of each month, lodge with the Commission a return in the format provided by the Commission, containing the information required and attaching supporting documentation in respect of the previous month s activities. 06/01/ of 6