CRIMINAL CODE 2002 - SECT 363H Bet with inside information

CRIMINAL CODE 2002 - SECT 363H

    (1)     A person (the first person ) commits an offence if—

        (a)     the first person engages in conduct that results in—

              (i)     a bet by the first person on an event; or

              (ii)     another person being encouraged to bet on an event; or

              (iii)     information being communicated to another person who the first person knows would, or would be likely to, bet on an event; and

        (b)     at the time of the conduct the first person—

              (i)     possesses inside information for the event; and

              (ii)     is reckless about whether the information is inside information.

Note     The fault element of recklessness can be satisfied by proof of intention, knowledge or recklessness (see s 20 (4)).

Maximum penalty: imprisonment for 2 years.

    (2)     In this section:

"generally available"—information is generally available if it—

        (a)     consists of matter that is readily observable by the public; or

        (b)     has been made known in a way that would, or would be likely to, bring it to the attention of the public; or

        (c)     consists of deductions, conclusions or inferences made or drawn from information mentioned in paragraph (a) or (b).

"inside information", about an event, means information that—

        (a)     is not generally available; and

        (b)     if it were generally available, would, or would be likely to, influence a person who would commonly bet on the event in deciding—

              (i)     whether or not to bet on the event; or

              (ii)     any other betting decision.