That under section 52 of the Racing Act 2003, the New Zealand Racing Board amends the betting rules, published in the Supplement to the New Zealand Gazette, 25 August 2003, No. 113, page 2981, by deleting the existing Rules 11.6.1, 11.6.4 and 11.6.5 and replacing them with the following. The amendments are to come into effect on Monday, 6 December 2004.
"Place" is a bet type whereby the investor endeavours to select a Race Entrant to fill a Dividend Bearing Place in a Race as designated by the Board.
"Starters" is the number of Race Entrants in a race. For races run in New Zealand, the number of Starters shall be the number of Race Entrants remaining in each of such races at 9.00 a.m. on the day of the race meeting, or one hour prior to the scheduled starting time of Race one, when Race one is scheduled to start prior to 10.00 a.m. For races run outside of New Zealand, the number of Starters shall be similarly determined two hours prior to the scheduled starting time of the first race of each meeting as made available for betting by the Board.
"Dividend Bearing Places" means the number of parts that the Dividend Pool will be divided and is determined
(a) Dividend Bearing Places will be zero if the number of Race Entrants in a race is four or fewer. In such cases, all units of Place betting on that Race will be refunded.
(b) Dividend Bearing Places will be two and dividends will be paid to first and second places where the number of Starters is five or six. Where a dead heat occurs, the Dividend Bearing Places shall be the first two Entrants across the finishing line in the order in which they are placed by the judge, stewards or judicial committee, notwithstanding that a dead heat between two or more Race Entrants may cause the number of Race Entrants eligible to fill the Dividend Bearing Places to be more than two; and
(c) Dividend Bearing Places will be three and dividends will be paid to first, second and third places where the number of Starters is seven or more. Where a dead heat occurs, the Dividend Bearing Places shall be the first three Entrants across the finishing line in the order in which they are placed by the judge, stewards or judicial committee, notwithstanding a dead heat between two or more Race Entrants may cause the number of Race Entrants eligible to fill the Dividend Bearing Places to be more than three.
(d) If the judge, stewards or judicial committee make an error regarding such authorisation and subsequently correct the error in accordance with the Rules of Racing, the placing Entrants shall be the Race Entrants in respect of which the judge, stewards or judicial committee, after correcting their error, authorise the Place Dividends to be paid; and
(e) The disqualification of the Race Entrant on which a Place Dividend has been paid shall not affect that Entrant's status as a placing Entrant if the disqualification resulted from a protest lodged after the expiration of the period allowed by the Rules of Racing for the lodging of such protests."
"11.6.4 Dividend Pool
The Dividend Pool shall be divided into as many equal parts as there are Dividend Bearing Places provided such Dividend bearing Race Entrants have units of place betting invested on them. Each part is then distributed equally amongst those units of Place betting that have selected the Race Entrant to place.
Should any part of the Dividend Pool be less than the number of units of Place betting to be paid by that part, then that part will be supplemented from that race's Place betting Deductions until that part is equal to the corresponding number of units of betting.
Should such Deductions be exhausted and that part is still less than the corresponding number of units of betting, then it shall be further supplemented up to the required amount, by equal amounts of money being transferred from the remaining parts.
11.6.5 Dead Heats
In the event of a dead heat causing there to be more Race Entrants, filling a Dividend Bearing Place, than there are Dividend Bearing Places, then only those parts of the Dividend Pool from Rule 11.6.4 affected by the dead heat will be further divided equally into as many sub-parts as there are Race Entrants (with units of betting on them) involved in the dead heat.
Example: In a race, where Dividend Bearing Places is three, there is a triple dead heat for second, then the 2nd and 3rd parts of the Dividend Pool will be further divided to create three sub-parts, each now two-thirds of the 1st part."