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Betfair, online betting sites, could open in Australia's NSW

Betfair is aiming to start taking racecourse bets in New South Wales, Racing NSW against.

Betfair, online betting sites, could open in Australia's NSW The 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.

 Published on 10/29/2007

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