Punters allowed to bet on RBA
(18 May 2011 – Australia) Centrebet has agreed on terms with the Australian Securities and Investment Commission (ASIC) to allow punters to make bets on the Reserve Bank’s (RBA) rate decisions.
'We started pushing the envelope a bit 15 months ago when we started to take bets on the ASX 200 and got in a spat with the regulator," Centrebet spokesman Neil Evans said.
"We saw this as a betting medium, ASIC saw it more as a derivative.'
The firm resolved the dispute after agreeing to take bets only on the RBA rate decision, and to drop other ideas such as taking bets on unemployment data or the stock market index.
Centrebet, which expects rates to stay on hold at the RBA's next meeting on June 7, will pay A$1.20 on the dollar if rates are held and A$3.25 for a 25 basis point hike, Mr Evans said.
"We saw this as a betting medium, ASIC saw it more as a derivative.'
The firm resolved the dispute after agreeing to take bets only on the RBA rate decision, and to drop other ideas such as taking bets on unemployment data or the stock market index.
Centrebet, which expects rates to stay on hold at the RBA's next meeting on June 7, will pay A$1.20 on the dollar if rates are held and A$3.25 for a 25 basis point hike, Mr Evans said.
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