|According to a report in the (Australia) Daily News, the New South Wales (Australia) bookmaking industry could lose millions of dollars in betting revenue to UK-headquartered Sportingbet’s newly-opened operations in Darwin.|
Former Sydney bookmaker Michael Sullivan is the head of Sportingbet Australia, which has predicted a turnover of almost $600m (AUD) this financial year. Sportingbet has relocated its Vanuatu business to Darwin’s Fannie Bay racecourse.
What is worrying NSW betting operators is that the Northern Territory Government last week announced a further reduction in turnover taxes to 0.33%, the lowest betting tax rate in Australia. Which could lead to bettors migrating away from NSW bookmakers and TAB limited, which operate under a much higher turnover tax system. “…This won’t do anything for the racing industry, even in the Northern Territory”, said NSW Gaming and Racing Minister Richard Face.
TAB Limited's Peter Fletcher admitted that Sportingbet’s Darwin operation poses a real threat to NSW wagering revenues. Sullivan abandoned Sydney racing last month, apparently in protest against the Carr Government's excessive betting taxation regime.