AND IN OZ, BETFAIR IS PREPARED TO PAY ITS WAY
(Update)
3 July 2009
Betting exchange's Aussie boss lays it on the
line
Andrew Twaits, boss of the Betfair online gambling group
in Australia has stripped away the often deliberately
misleading and confusing rumours about Betfair's
preparedness to pay its way (see previous InfoPowa
reports) in the competitive Australian horse racing
industry.
Betfair has refused to be intimidated
by longer established interests in the sector, and has
been prepared to fight for equal treatment in the courts
on occasion. In often tense exchanges with Racing New
South Wales, Twaits has been outspoken on the need for a
level playing field and consistency in arriving at fair
fee structures.
Addressing a press conference in
Sydney, Twaits said he intended to be absolutely clear
on his company's position regarding what fees it
believed should be paid to support the Australian horse
racing industry and keep it viable and appealing.
“There’s been some heated debate around the issue of
industry funding with stakeholders quite naturally
expressing concern about the future viability of the
racing industry,” the Betfair exec said. “In all the
hysteria, some of the facts have been lost or distorted,
including the basis on which Betfair believes it should
contribute to the funding of the racing industry.
“Let me be very clear on this. We have offered to
pay the industry on gross revenue. That is, on the same
basis as the TABs in New South Wales, Queensland and
Victoria. Further, we think 20 percent is the right
amount and we’ll pay at that rate if everyone else does
the same.
“Racing New South Wales has set the
fees for TABs at just 9.375 percent of their gross
revenue.
"If Racing New South Wales sets its
product fees at 20 percent of gross revenue for all
wagering operators, we believe they would be likely to
generate more than 10 million dollars a year in extra
product fees for the industry. That is in addition to
the undisputed element of the product fees Racing New
South Wales is already charging interstate operators.
“While no one likes paying more tax, we’ve
consistently said that 20 percent is the right amount
for race fields.
"We’ll pay it if our
competitors do the same.
"What we won’t do is
pay tax at a rate that’s six times higher than our
competitors. That’s a recipe for us going out of
business.
“We’re determined to see the nation’s
racing industry prosper and we’re prepared to pay our
fair share to help achieve that result.”
Online Casino News Courtesy of
Infopowa
More news here.
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