|Betfair and PBL today welcomed Tasmanian Premier Paul Lennon’s announcement that his Cabinet had decided to introduce ground-breaking legislation next week to allow licensing of betting exchanges in Tasmania. |
If passed, the legislation will enable the Betfair and PBL joint venture to apply for a licence to create the first betting exchange to operate in Australia, be regulated in Australia, and pay taxes in Australia.
James Packer, Executive Chairman of PBL said: “Many people are scared to embrace change but those who do inevitably reap the rewards. The Lennon Government is to be congratulated.
“The financial guarantees we have offered are a strong sign of our confidence in both the Betfair business model and the business environment in Tasmania.
Edward Wray, co-founder of Betfair, said: “Betfair applauds the way the Government has dealt with our proposal. It has undertaken a rigorous and fair consultation process and seen through the scare tactics of our opponents.
“Racing and sports regulators will rightly be pleased that the draft legislation will require betting exchange operators to make all betting records, including customer details, available to them in the event of an inquiry. Betfair has always wanted to provide that information lawfully and strongly supports the Government’s proposed approach.”