Northern Territory Legalises Exchange Betting
Australia’s Northern Territory has passed legislation that will regulate exchange betting and cement their position as the leading online sports betting jurisdiction in the country. Through this move, the state plans to attract betting operators such as Betfair and the state’s greyhound and racing organisers.
Thirteen corporate bookmakers are already based in the NT; however, betting exchange Betfair Australia, despite being owned by NT-based CrownBet, is licensed by the Tasmanian Liquor and Gaming Commission. By regulating exchange betting in the state, Betfair will be able to be licensed in the territory.
The process to legalise exchange betting in the NT began in mid-April when the NT Gaming Minister Peter Styles proposed legislation in an effort to lure Betfair to the territory. As part of the attraction, the NT would offer Betfair superior financial agreements with the company required to pay around $805,000 in annual fees and taxes, and faster resolution of operational issues than they currently receive. In addition, this would allow Betfair to be located in the same place as their parent company.
Last week, the bill was approved by NT parliament and as a result, Betfair will be relocating to Darwin with a small staff of around a dozen people. According to Styles, this could be just the beginning for the Northern Territory with the new legislation expected to “act as a catalyst to attract International operators” to the territory.
The changes in legislation are expected to create a range of new jobs for residents with the additional business that is expected for the area. It would also result in a significant tax boost for the NT with the current thirteen operators paying $4.77 million in collective taxes in the last financial year.
March 27, 2017