Australia: Victoria's wagering licence is on track to be awarded later this year

"Victoria's wagering and sports betting industry worth more than us$ 4 billion a year and attracted interest from some of the biggest and most established wagering ventures in the world," he said. "The level of interest shown is a testament to the strength and prestige of Victoria's racing industry."

Robinson said the 12-year wagering and betting licence will provide: The right to offer both parimutuel and fixed odds betting on racing, sports and other events, including the only authority to conduct wagering and betting via an off-course retail network; the right to establish and operate the only betting exchange based in Victoria; and the right to offer approved simulated racing games.

"The licence has been structured to encourage innovation and the capacity to generate more value for Victoria's world-class racing industry," Robinson said. "Allowing the successful licensee to operate simulated racing games and a betting exchange creates opportunity for further development of racing-related products," he said, and then added: "The creation of a Victorian betting exchange will also ensure any economic benefits are retained in the state for our community."

Robinson said the Gambling Licences Review was working towards awarding the wagering licence before the end of the year. The licensing process is subject to exceptional levels of independent oversight to ensure all applicants are treated equally and fairly.

The Independent Review Panel, chaired by former Federal Court Justice, Ron Merkel QC, reports on each stage of the process to endorse the equity of the process. The Panel's report into this stage of the wagering process, which was tabled in parliament today, found no impediment to the Minister proceeding to the Invitation to Apply (ITA) stage.