Another milestone in the Betfair Australia story was reached today as the company announced an in-principle agreement with the Tasmanian Government to keep its operations there for a further 10 years.
“Today's announcement is an important step towards providing long-term certainty for Betfair in Australia and its Tasmanian workforce,” said Betfair Australia's CEO, Andrew Twaits.
“We were under a lot of pressure to prove ourselves as a company here in Australia, and we've well and truly done that. In the last four years, we've helped to reshape the wagering landscape in areas of integrity, harm minimisation and industry funding for racing and sports. Importantly, we've also encouraged a better deal for punters.
“This agreement is a big step forward for the future of racing, not only in Tasmania, but right across Australia. Our contribution to both racing and sports has been significant and we look forward to continuing our commitment right across the country.”
The new agreement is subject to various conditions including approval by the Tasmanian Gaming Commission and legislation being passed by the new parliament to reduce the tax on betting exchanges to 5% of gross revenue.
Betfair Australia commenced operations at its Hobart headquarters in February 2006 after it became the first betting exchange to be licensed in Australia. Today the business employs 135 staff, matches more than 1 million bets a day and has 135,000 Australian and New Zealand customers.
The company has also contributed more than $5m in product fees directly to racing and sports as well as nearly $8m in sponsorships. In Tasmania Betfair has contributed in excess of $20m to the local economy.
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