History & Structure of the NSW Bookmakers’ Co-operative Ltd.

The NSW Bookmakers’ Co-operative Limited was formed in December 1948 and subsequent amalgamations with other Bookmaker Associations and Societies by 1970 resulted in the organisation that functions today representing 98% of licensed Bookmakers in NSW & ACT.
 
The prime function of the Co-operative is the provision of fidelity guarantees to those bodies controlling the three codes of racing in NSW as well as declared events betting. In the event of a bookmaker default, the Co-operative undertakes, after receipt of a written claim and the determination of the legitimacy of a bet, to pay the sum in respect of which the default is made up to the sum guaranteed as determined by the Racing Authority. In NSW, Bookmakers’ guarantees range from $10,000 to $900,000, the amount being determined by racing code, race venue, and bookmaker’s annual hold. Fortunately, defaults are a rare occurrence.
 
By way of formal submissions and negotiation, the Co-operative seeks to improve the service, product, conditions, and opportunities for Bookmakers and punters in particular and the Industry in general.  
 
The activities of members are governed by a National Code of Conduct.  
 
The Co-operative plays a role in Racing Industry Administration by conducting regular liaison with the three controlling bodies.
 
The Co-operative is managed by a Board of 13 Directors who give their time without remuneration.  Five Directors are elected by nomination from country-based members and eight metropolitan Directors are elected by all members of the Co-operative. The Executive of the Board comprises Chairman, vice-Chairman, and the Chief Executive Officer who is a salaried employee.