Betfair commits to Tasmania

Betfair Australia began operating from Tasmania four years ago but its current license is due to expire at end of the year while it was also recently excluded from legislation that eliminated tax for online bookmakers operating in the jurisdiction in exchange for an annual fee of approximately $231,000.

“Today's announcement is an important step towards providing long-term certainty for Betfair in Australia and its Tasmanian workforce,” said Andrew Twaits, Chief Executive Officer for Betfair Australia.

“We were under a lot of pressure to prove ourselves as a company here in Australia and we've well and truly done that. In the last four years, we've helped to reshape the wagering landscape in areas of integrity, harm minimisation and industry funding for racing and sports. Importantly, we've also encouraged a better deal for punters.

“This agreement is a big step forward for the future of racing, not only in Tasmania, but right across Australia. Our contribution to both racing and sports has been significant and we look forward to continuing our commitment right across the country.”

The new agreement is subject to various conditions including approval by the Tasmanian Gaming Commission and legislation being passed by a new Parliament to reduce the tax on betting exchanges to five percent of gross revenues.

Betfair Australia revealed that it employs 135 staff at its Hobart headquarters and has contributed more than $4.4 million in product fees directly to racing and sports as well as nearly $7.1 million in sponsorships.