One For The Betting Exchanges
Published: Friday, December 10, 2004 Online-Casinos.com
ONE FOR THE BETTING EXCHANGES
Betfair may have an Aussie licence within months...
There was another victory for betting exchanges in Australia as we went to press, with the final failure of the horse racing sector to ban Betfair.com from operating in that country.
Betfair is expected to gain a permanent wagering licence within six months after the Federal Government refused the racing industry's last-ditch bid to have the Internet-based company banned from operating.
With several states expressing an interest in licensing Betfair in the new year, Communications Minister Helen Coonan confirmed the Government would not stand in its way, rejecting the desperate pleas of the racing industry and gaming giant Tabcorp.
The imminent signing of a wagering contract with one of the state or territory governments will set in train Betfair's 50-50 joint venture with Kerry Packer.
Mr Packer's Publishing & Broadcasting Ltd has signed a deal with Betfair which is said to be worth A$30 million.
The first state or territory to license Betfair is likely to see the others follow suit, according to a well-placed source in the Northern Territory Government.
"At the moment it's a case of everyone standing at the edge of the cliff waiting for the first one to jump," the source told The Australian newspaper.
"Betfair would provide enormous revenue and none of us would want to see it lost to other states."
Betfair, which has been operating in Britain since June 2000, differs from traditional gambling outfits by allowing punters to bet directly against each other.
It allows punters to back horses to win as well as lose, sparking calls from the racing industry that it would foster corrupt activity.
Senator Coonan said the federal Government was satisfied its 18-month review of online gambling had not erred in leaving Betfair free to gain a state licence.
"Industry issues, including ... the integrity of the racing industry, are a state-based jurisdiction," she said.
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