TAB Change – 60 Second Cancellation rule reviewed

TAB Rule Change – 60 Second Cancellation rule reviewed

The TAB announced today that as a result of a review of the 60 Second Cancellation rule, which relates to the placement of bets, changes have been made that will come into effect on January 16th 2006.

As from Monday, January 16, the 60 Second Cancellation rule will now only apply to Win, Place and Each Way bets and is no longer applicable when placing Quinella, Trifecta, Double, Treble, Pick 6 or Six Pack bets. This will give customers placing these bet types close to the start of the race more time to check their tickets are correct.

The 60 Second Cancellation rule will still apply to customers placing Win, Place or Each Way Bets within 15 minutes before the start of a race. These punters will still have 60 seconds from the time they place the bet, to cancel it if they wish.

In making the announcement of this change The TAB Racing Manager, Michael Dore said: ”The reason the 60 Second Cancellation rule was implemented in April 2004 was to remove the potential for the TOTE to be manipulated by the late cancellation of bets. Our review has identified that TOTE manipulation only becomes an issue when dealing with Win, Place and Each Way bets, and this has allowed us to relax the 60 Second Cancellation rule on other bet types – Quinella, Trifecta, Double, Treble, Pick6 and Six Pack.

“We emphasise that while customers now have longer to check bet tickets for the more sophisticated bet types, it’s still critical for customers to check all tickets, regardless of bet type, or it could lead to disappointment”.

The review of the 60 Second Cancellation Rule is one of a number of rule changes gazetted by the New Zealand Racing Board on 16 January 2006. Full betting rules are held in every TAB outlet, and on the TAB website, www.tab.co.nz .

ENDS

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