BETFAIR NSW LICENSE APPLICATION UNDER ATTACK
2 November 2007
Aussie horseracing brass resents lack of
consultation
The news that online gambling group Betfair is in
discussions with the New South Wales state government on
an operating license (see previous InfoPowa report) has
evoked a strong reaction from the NSW horseracing
industry.
Racing NSW chief executive Peter V'Landys has been
sharply critical of the state Premier's office over
reports that it plans to award betting exchange Betfair
an operating licence, according to widespread reports in
the Australian media.
V'Landys said the racing industry had not been consulted
and the financial effects of Betfair being allowed to
operate in NSW could cost the industry, already crippled
by a horse 'flu crisis, tens of millions of dollars in
revenue.
"Our concern is we weren't consulted," V'Landys said.
"If Betfair cannibalise the totalisator revenue we could
lose tens of millions in revenue. Other forms of
wagering can't compete against Betfair.
"The fact is that under its proposals, Betfair would pay
24 cents for every $100 bet compared to $1 by bookmakers
and $4.50 by the totalisator. Therefore, turnover would
need to increase from the existing $4.5 billion per
annum to something like $80 billion. That, of course, is
totally unrealistic."
V'Landys said he had yet to hear from any member of the
NSW government about the issue and knew only what he had
read in the media about the state government's plans to
award Betfair a licence.
Online Casino News courtesy of
InfoPowa
More news here.
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