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Spread Betting

Betting rules for spread betting (rule 37)

(1)

In this rule, unless the context otherwise indicates, the term set out below shall have the following meanings-

(a) "going high" or "buying" means wagering that the result of a certain event will exceed the high point or offer price of the spread quote and "has gone high" or "bought" has a corresponding meaning;

(b) "going low" or "selling" means wagering that the result of a certain event will be below the low point or bid price of the spread quote and "has gone low" or "sold" has a corresponding meaning;

(c) "spread bet" means a bet laid by a bookmaker on the contingency that the outcome of a certain event will fall outside a spread margin;

(d) "spread margin" or "bid-offer price" means the margin, expressed in points, set by a bookmaker between a low high and a high low point of predicted outcomes of a certain event; and

(e) "stop loss/win" means the maximum amount of points on a spread market that can be won or lost.

(f) "make-up" is the final settlement price of a spread bet.

(g) "mid-point" is the average of the bid and offer price or the "go-high" and "go-low" price.

(2)

A spread bet is placed by the customer staking a stated amount of money per point and going high or low (buying or selling) and the amount won or lost is directly related to the fixed amount per point wagered.

(3)

Each spread bet shall be subject to the stop loss/win set by the bookmaker on each type of spread betting market offered by him.

(4)

All stop losses/wins shall be displayed at all times in the betting room or displayed on the website of such a bookmaker and, at the request of the player, shall be read out to the player.

(5)

A player shall lose if the outcome of the event falls within the spread margin or the side of spread margin opposite to that on which he wagered.

(6)

The size of a player’s win shall be determined by taking the lesser of-

(a) the number of points difference between that point of the spread margin at which the player wagered and the stop loss/win on that side; and

(b) the number of points difference between that point of the spread margin at which the player wagered and the outcome of the event.

(7)

The size of the player’s loss shall be determined by taking the lesser of-

(a) the number of points difference between that point of the spread margin opposite to that on which the player wagered and the stop loss/win on that side; and

(b) the number of points difference between that point of the spread margin opposite to that on which the player wagered and the outcome of the event.

(8)

(a) In certain events the bookmaker may allow the player to close his bet by either taking a profit or cutting a loss.

(b) If a player has gone high and he takes his profit or cuts his loss, the size of the player’s win or loss, as the case may be, shall be calculated not with reference to the actual outcome of the event, but with reference to the difference between- the high point of the spread margin applicable when the bet was struck; and the low point of the spread margin applicable at the time that the profit is taken or the loss is cut, as the case may be.

(c) If a player has gone low and he takes his profit or cuts his loss, the size of the player’s win or loss, as the case may be, shall be calculated not with reference to the actual outcome of the event, but with reference to the difference between-

(i) the low point of the spread margin applicable when the bet was struck; and

(ii) the high point of the spread margin applicable at the time that the profit is taken or the loss is cut, as the case may be.

Sports provisions (rule 38)

Notwithstanding the provisions of rule 28 to rule 36 the following provisions shall apply to Sports spread betting-

(1)

In the case of soccer-

(a) for any bets on the time of an event (such as first goal, first throw) occurring in the match, settlement shall be determined by the official timing of the match where available, alternatively bets will be settled on market consensus;

(b) a bet on the total number of points that a team will attain during the season shall not be affected by any points deducted after the completion of the season; and

(c) in any bet on the total shirt numbers of the goal scorers in a match, the shirt number of any scorer of an own goal shall be added to the total of shirt numbers of the team which is credited with the goal.

(2)

In the case of cricket-

(a) all bets struck on the number of runs to be scored in the first innings of a one-day match shall be void if the side has not completed 90% of the original allocated overs or 90% of any reduction of overs, unless the team has been dismissed; and

(b) in respect of a bet on a match between two batsmen, each shall go in to bat, and at least one ball shall be bowled to each for the bet to be valid.

(3)

In the case of golf, in a bet on finishing positions where a position is tied, the average of the number of places allocated to the players involved in the tie for such position shall be used: Provided that in a playoff, the winner of the playoff shall be the winner.

(4)

In the case of motor racing in any bet involving the winning margin of a Grand Prix race, that margin shall be rounded up or down to the nearest 1000th of a second.

(5)

In the case of rugby-

(a) eight points shall be awarded for a penalty try on bets struck on the jersey numbers of try scorers; and

(b) every player shall retain his original number for the duration of the match.

(6)

In the case of boxing in any bet involving the finishing time of the fight, all rounds shall be three minutes, and the finishing time shall be rounded up or down to the nearest minute.

(7)

In the case of horse racing, a bet on finishing positions across a race day shall be void should the race meeting be abandoned.