NT Racing Commission definitions
The Northern Territory Racing Commission's (NTRC) definition of selected gambling terms are listed below.
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 can offset the risk of that bet. They do this by matching it against requests for bets from other customers.
A novelty market is a betting market that allows placement of bets on an outcome of an event or contingency that is not the subject of a usual or standard betting market.
A novelty market may be new, innovative or unusual. However, it must not be offensive, distasteful, unsavoury or cause affront to normal public standards.
For more information, read the NTRC's novelty market guideline 2019 .
Last updated: 11 March 2022
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