|The Australian based Tab Ltd and Tabcorp are increasing the heat for the Federal Government to prevent low-betting exchanges like the UK based Betfair to get into their territory. They are trying their best to prevent Betfair from getting a license to operate in Australia. |
UK-based Betfair (www.betfair.com) which is the trading name the Sporting Exchange Ltd operates Internet auction sites which allow punters to buy and sell bets at different odds. This could hurt the bottom-line of majors like Tab and Tabcorp who are averse to low-tax offshore betting exchanges. .
TABs are major players in economic contributions, pumping in about $1.25 billion a year into the economy, which includes paying $471 million a year in wagering taxes which are essential to the racing industry. According to TAB’s management every one per cent shift in market share from TABs to bookmakers losses racing $5.4 million a year.