Racing Commission

Definitions

This page outlines the Racing Commission's definition of selected gambling terms. 

Betting exchange

A betting exchange is an online platform where customers bet against one another, including setting the odds and the size of the bet.

A betting exchange operates in a similar way to a bookmaker by accepting bets from customers, however traditional bookmakers set the odds and may also reduce the bet size. 

A betting exchange operator will only accept a bet where it is able to offset the risk of that  bet by matching it against requests for bets from other customers.

Novelty bet

A novelty bet is one that differs from the staple kinds of bets: one that may be new, innovative, unusual and sensible but is not offensive, distasteful, unsavoury or causes affront to normal public standards.

A novelty bet must be in respect of an outcome that is certain and one that can be independently verified.

Print all pages in this section

Last updated: 12 April 2019

Share:

Was this page useful?

Describe your experience

More feedback options

To provide comments or suggestions about the NT.GOV.AU website, complete our feedback form.

For all other feedback or enquiries, you must contact the relevant government agency.