If passed, the legislation will enable the Betfair and PBL joint venture to apply for a licence to create the first betting exchange to operate in Australia, be regulated in Australia, and pay taxes in Australia.

“Betfair applauds the way the Government has dealt with our proposal. It has undertaken a rigorous and fair consultation process and seen through the scare tactics of our opponents. The Government has assessed our proposal on its merits, which is all we ever asked,” said Edward Wray, co-founder of Betfair.

“Our proposal to establish Betfair Australia offers tremendous opportunities for Tasmania, will introduce much needed competition into the wagering market and will provide significant support for sport and racing across the nation.”

“It is important that the racing industry prospers. Betfair’s introduction into the Australian market will help improve racing’s prosperity by attracting new punters to the sport and providing more benefits for existing punters.”

James Packer, Executive Chairman of PBL said: “Many people are scared to embrace change but those who do inevitably reap the rewards. The Lennon Government is to be congratulated. Just like the AFL did for football, it sees the benefits that technological innovation will bring to the wagering market, and it is acting to secure those benefits for Tasmania.”

“The financial guarantees we have offered are a strong sign of our confidence in both the Betfair business model and the business environment in Tasmania. We can build a partnership that creates jobs and helps secure the prosperity of racing in Tasmania.

“We are optimistic that members of both Houses of Parliament will appreciate the benefits to Tasmania of licensing Betfair Australia,” Mr Packer said.

“We will continue to make ourselves available to members of both Houses of Parliament and the three racing codes to address aspects of our proposal and what it would mean for them if Betfair is granted a licence to operate in this State,” Mr Wray said.

“Racing and sports regulators will rightly be pleased that the draft legislation will require betting exchange operators to make all betting records, including customer details, available to them in the event of an inquiry. Betfair has always wanted to provide that information lawfully and strongly supports the Government’s proposed approach.

“The social welfare and player protection initiatives that are contained in the draft legislation are strongly supported by Betfair. We have a track record in the UK of leading the industry in terms of our approach to social welfare issues and we intend to build on that reputation, and continue that work, here in Australia,” Mr Wray said.

Mr Packer said: “All in all, if the legislation is passed by the Tasmanian Parliament and Betfair Australia proceeds to obtain a licence, it will be a win-win situation. Tasmania will benefit, the racing industry will benefit, punters will benefit and Betfair Australia will benefit.”

Media Release - Betfair Corporate

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