NSW Bookmakers Go Corporate
- Friday, 06 September 2002 00:00
The Racing Legislation Amendment (Bookmakers) Act 2002 was recently enacted by the NSW Parliament, and Section 14A has been added to the Thoroughbred Racing Board Act 1996.
The new section permits the forming of a proprietary company for the purpose of applying for a licence as a bookmaker - in this case to be known as a Bookmaker Company.
The Act describes the permitted company structure, and conditions under which the business may operate.
Other conditions of licence and Racing Rules are attached to the Bookmaker Company licence when issued by Racing NSW.
In short, company directors must be first licensed as an individual bookmaker, and shareholders must be close family members of a director.
Once licensed as a Bookmaker Company, directors are restricted to Company operations only, and cannot operate their individual bookmaker's licence during the term of the Company licence.
Mr Keith Bulloch, TRB General Manager Racing Services, explained the opportunities now available to NSW Bookmakers.
"A working party consisting of representatives from the 3 Codes and the NSW Bookmakers Co-operative has worked toward strategies that will compliment the legislation," he said.
"Our Bookmakers will now be able to form partnerships or family companies to strengthen their bookmaking business.
"This may be in the form of a large company offering a range of bet types, or smaller family companies or partnerships who field on the more traditional race course stands.
"For example, 2 or 3 Country bookmakers who find they don't have the same level of turnover that they once enjoyed can join together to expand their opportunities and join their client base.
"They may not necessarily be in the same district, and could field at say Newcastle and Ballina on the same day under the company logo, and share in the results.
"On the other end of the scale, a larger Bookmaker Company can now form to 'take on' some of the interstate corporates.
"They may apply to operate from racetracks, auditoriums or racecourse offices, offering Sports betting and Feature Doubles in addition to regular race bets.
"Whilst the ability to compete with other state corporates will also continue to depend on comparative expenses and like factors, other bodies such as the Cross Border Betting task force is working toward outcomes in this regard.
"The introduction to NSW of bookmaker companies is however one step toward the prolongation of the bookmaker as an Australian tradition."
Media Release - NSW TRB