Western Australia approves cash-out betting for licensed bookmakers
New wagering rules bring the state into line with other Australian jurisdictions.
Australia.- Bookmakers in Western Australia will soon be able to offer cash-out options on eligible fixed-odds wagers after the state government approved amendments to the Rules of Wagering 2005. The reform allows licensed bookmakers to offer customers the option of settling certain bets before the conclusion of an event, enabling them to secure a profit or limit potential losses based on changing odds and event developments.
According to the Western Australian Government, the change is designed to improve the competitiveness of locally licensed bookmakers by aligning the state’s wagering framework with other states in Australia. Cash-out betting has become a standard feature among many national operators, commonly available on selected fixed-odds single and multi bets to allow bettors to accept an early payout before the final result is known.
Western Australian bookmakers will not be able to launch cash-out services automatically. Operators that choose to introduce the product must first complete a regulatory approval process. They will be required to ensure any system upgrades supporting cash-out functionality are independently certified and must submit certification evidence and proposed terms and conditions to the Gaming and Wagering Commission to obtain approval.
