Legislation amendment a sure bet to attract companies to the Territory, says Sports Minister
Australia's Northern Territory Government (NT) has passed the Racing and Betting Legislation Amendment Bill 2016 allowing companies offering betting exchange products to be based in the Territory.
The legislation passed in the Northern Territory Parliament late last week will reinforce the region as a premier jurisdiction for online wagering and new job creation, Peter Styles, Minister for Racing Gaming & Licensing, said.
"The addition of a specific betting exchange licence will act as a catalyst to attract international operators to the NT. Aside from direct taxes and fees, the indirect economic benefits to the NT will be positive for the Territory".
Styles revealed it had already received confirmation that Betfair Australia will relocate to Darwin, initially commencing with around a dozen staff.
"The addition of the betting exchange licence is expected to have no impact on problem gambling as Betfair has been in business in Australia for 10 years," Styles said.
Other amendments to the legislation formalise 'handshake' payment agreements between interstate wagering operators and Thoroughbred Racing NT (TRNT) and the Darwin Greyhound Association (DGA).
It brings the NT in line with other jurisdictions to allow NT racing and sporting control bodies to levy a Product Fee for the use of their information by wagering operators.
The Product Fee legislation will protect valuable revenue currently received by the racing industry as the Darwin Cup and Alice Springs Carnivals continue to grow in success.
The betting exchange licence will be regulated in the same manner as existing sports bookmaker operators and tax levied on the licence will be the same, however, the application fee and annual fee have been increased from 20,000 revenue points to 200,000 revenue points for the new betting exchange category due to the "more complicated system involved," a Government statement explains.
Online Casino News Courtesy of Infopowa