betting sites, could open in Australia's NSW
Betfair is aiming to start
taking racecourse bets in New South Wales, Racing NSW against.
online betting exchange Betfair is aiming into expanding its
operations in Australia's most populated territory - New South
Wales. Graham West, the country's Gaming and Racing Minister,
has reportedly confirmed that the government is looking into
allowing Betfair and other online betting agencies to operate
and advertise in NSW. Betfair, however, is not looking to get
license from NSW, but only to be allowed to operate there by
paying the government a product fee that is 20% of the betting
company's gross revenue from NSW bettors.
Racing NSW has threatened legal action to
prevent Betfair from operating in NSW. The company claims that
the government will lose millions in tax revenue if the online
betting exchange enters the market and bettors move online to
bet on horse racing. The Australian Racing Board is also warning
that betting exchanges in general would increase race fixing.