04 November 2005
Betfair gets green light in Tasmania
Tasmania will become the first Australian state to license online betting exchange Betfair under an agreement announced in Hobart today, announced Tasmanian Premier Paul Lennon in a statement. Legislation to license and operate Betfair in Australia will be introduced to the Tasmanian Parliament next week. Tasmania will earn 35 per cent of Betfair's gross profit on all Australian racing events, 15 per cent of the profits on other sporting events and 10 per cent of the profits on international events. The State Government will retain five per cent from each category as tax revenues and distribute the rest to the racing industry, through Tote Tasmania. Lennon was at pains to demonstrate that the agreement was underwritten by an "unprecedented new set of probity arrangements" to avoid any shenanigans.