WA bookies get green light for cash-out betting option
Western Australia has approved rule changes allowing licensed bookmakers to offer cash-out betting on eligible fixed-odds wagers, bringing the state into line with national wagering practices while maintaining regulatory oversight.
Western Australian bookmakers will be able to offer cash-out options on certain bets following amendments to the Rules of Wagering 2005, a move designed to align the state’s wagering sector with practices already common elsewhere in Australia.
The regulatory change will allow licensed WA bookmakers to offer punters the ability to settle eligible fixed-odds bets before an event is completed, either locking in a profit or reducing potential losses.
The reform is aimed at improving the competitiveness of locally licensed bookmakers in an increasingly national online wagering market.
Under the changes, bookmakers will not automatically be permitted to offer cash-out products.
Operators choosing to introduce the feature must first ensure any required system upgrades are independently certified, submit certification evidence and proposed terms and conditions to the Gaming and Wagering Commission, and obtain formal approval before launching the service.
The WA Government said the amendment expands fixed-odds wagering options on racing events while maintaining regulatory oversight of the product’s rollout.
Cash-out betting has become a standard feature among many major Australian wagering operators, including TAB, Sportsbet, Ladbrokes and bet365, allowing customers to accept an early payout based on changing prospects.
Sportsbet has offered cash out on sports multis since 2014, while in racing it applies across fixed win and place single and multi bets, fixed each way and cross code multis.
The Cash Out feature through Ladbrokes is available on selected events and can be applied to both single fixed odds bets and multi bets. It is not available on fixed odds exotics or Same Game Multis or Same Race Multis.
Tabcorp’s cash out is available on multi and single fixed odds bets as well as Quaddie and Early Quaddie bets. It is not available on tote bets apart from Quaddies.
These services also offer partial cash out, which also allows bookmakers to manage their risk.
The WA reform is expected to remove a competitive disadvantage faced by locally licensed bookmakers, particularly as national operators continue to expand product offerings.
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