|Betfair have released their positive response to the announcement that the Australian government will not be making any changes to the Interactive Gambling Act. This decision by the government now opens up a new opportunity for Betfair- to become a fully licensed and regulated onshore online betting exchange within Australia.|
To this point Betfair has been operating as on offshore betting exchange, and will be able to continue to do so unhindered while it seeks an onshore license. This onshore license would allow the company to not only operate from within Australia, but also to market itself within the country.
There has been opposition aimed at Betfair’s operation even as an offshore interest, from existing Australian owned operators, mainly the TABs’ who enjoy something of a monopoly on the sports and horseracing betting industry. The concerns have been judged as primarily commercial by the government who refuted any other concerns within the statement released announcing their decision.
In the meantime, since it began operating in 2001, Betfair has been accruing all taxes and product fees that should be made payable to the Australian horseracing industry. The actual payments of these fees and taxes have been waiting on the actual signing of a commercial deal. This decision by the Australian federal government is another significant progressive step for the rapidly expanding and extremely successful company, as their business in Australia looks now set to increase.