Betfair Tasmanian Licensed At Last

Published: Monday, January 16, 2006 Online-Casinos.com

BETFAIR TASMANIAN LICENSED AT LAST

It's been a long and at times dirty fight, but Betfair is now legal in Aussie.

The issue of Betfair's Tasmanian licence to operate dominated the Australian media early this week as reports indicated that the first internet betting exchange will be open for business in the country next month.

The Tasmanian Gaming Commission has issued a licence with betting exchange endorsement to Betfair Pty Limited, a 50-50 joint venture between the UK-based gambling exchange and the Packer family's Publishing and Broadcasting Limited (PBL).

The announcement follows amendments to the Tasmanian Gaming Control Act 1993 in November after some seriously intense political and interest group infighting.

Betfair co-founder Edward Wray said the licence heralded the beginning of a new era for Australian gamblers. "It is a great day for the punter, who will have more choice, better value and more control over the punting process than ever before," he said.

Betfair expects to start operating on February 7.

James Packer, executive chairman of PBL, said the licence was a significant step forward for the wagering industry. "We believe that punters will appreciate having access to an exciting new 21st century product and that racing and sport throughout the country will also benefit," he said.

Betfair will pay Aus$ 5 million to the government's coffers within the next 90 days. Director of Corporate Affairs Andrew Twaits says the news is a great relief. "It's wonderful news, it's news we've been waiting for about two and a half years; it's the culmination of a lot of hard work thorough investigation of Betfair's systems and processes by the Tasmanian Government and various departments and we're obviously delighted."