Tasmanian Consolidated Acts Tasmanian Consolidated Acts
(1) In this section –
"gaming and wagering guarantee" means a guarantee from an authorised deposit-taking institution relating to the business carried on, or to be carried on, under a Tasmanian gaming licence endorsed with a guaranteeable endorsement;
"guaranteeable endorsement" means –(a) a sports betting endorsement; or
(b) a race wagering endorsement; or
(c) a prescribed endorsement if the regulations provide that it is also a guaranteeable endorsement; or
(d) two or more of the gaming endorsements referred to in paragraphs (a), (b) and (c).
(2) A person must provide a gaming and wagering guarantee from an authorised deposit-taking institution if –
(a) the person has been granted a Tasmanian gaming licence endorsed with a guaranteeable endorsement; or
(b) the person is a licensed provider whose Tasmanian gaming licence has newly been endorsed with a guaranteeable endorsement; or
(c) the Commission under subsection (3)(b) requires a licensed provider to provide a new gaming and wagering guarantee.
(3) By written notice to a licensed provider whose Tasmanian gaming licence is endorsed with a guaranteeable endorsement, the Commission may require the licensed provider to do one or more of the following:
(a) provide to the Commission financial statements showing the turnover of the provider in respect of that endorsement for the period of 12 months specified in the notice;
(b) provide the Commission with a new gaming and wagering guarantee.
(4) A copy of a gaming and wagering guarantee is to be provided to the Commission within 21 days after, as the case requires –
(a) the person receives notice of the grant of the Tasmanian gaming licence; or
(b) the licensed provider receives notice of the grant of the new guaranteeable endorsement; or
(c) the licensed provider receives the requirement made under subsection (3).
(5) A gaming and wagering guarantee provided in accordance with subsection (2)(a) or (b) must be for an amount of not less than $1 000 000.
(6) A gaming and wagering guarantee provided in accordance with the requirement of the Commission made under subsection (3) must be for not less than the amount specified in the requirement, that specified amount being an amount that is not less than $1 000 000 or 1% of the licensed provider's turnover relating to all gaming businesses conducted in respect of the guaranteeable endorsement during the 12 months immediately preceding the month in which the Commission made that requirement.
(7) The Commission, under subsection (3), may not require a licensed provider to provide a new gaming and wagering guarantee unless –
(a) at least 6 months have passed since the Tasmanian gaming licence or endorsement to which the requirement relates was granted; or
(b) at least 6 months have passed since the last such requirement was made; or
(c) the licensed provider has acquired a new associate; or
(d) the Commission considers that there has been a substantial increase in the turnover of the licensed provider.
(8) If the Commission under subsection (3) requires a licensed provider to provide a new gaming and wagering guarantee and the licensed provider has not at that time conducted a gaming business in respect of the guaranteeable endorsement for a period of 12 months, the Commission may, for the purposes of determining the amount of the guarantee under subsection (6), estimate the provider's turnover for a period of 12 months by having regard to the provider's turnover for the period during which the provider has conducted that gaming business.
(9) Where a licence holder –
the Commission may use the gaming and wagering guarantee paid by the licence holder in order to satisfy those debts.(a) has gone into receivership; and
(b) owes money to the Commission or has unpaid winnings to settle –
(10) This section does not apply to the holder of the initial totalizator endorsement, within the meaning of Division 5A of Part 4A, if and for as long as it is –
(a) a State-owned company within the meaning of the Government Business Enterprises Act 1995; or
(b) a wholly-owned subsidiary, within the meaning of the Corporations Act, of such a State-owned company.