Embattled Queensland racing and sporting events have been thrown a lifeline and the TAB monopoly is about to end with the State Government lifting a ban on interstate online betting agencies, allowing them to advertise in Queensland.
Corporate bookmaker giants such as Sportingbet have effectively been locked out of Queensland by the ban because of a government deal to protect the TAB until 2012.
But a recent High Court decision ruled a similar ban in Western Australia was unconstitutional as it was a restraint on the trade in gambling between the states.
The NSW and Victoria governments in October announced they would lift the ban and Queensland Treasurer and Racing Minister Andrew Fraser yesterday indicated that he would follow suit.
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Mr Fraser said the constitutionality of the provision in the Interactive Gambling (Player Protection) Act that allowed only authorised persons to advertise was now in question because of the High Court decision.
''The Government will, in coming months, be considering legislative changes including repeal -- required because of the decision," he said.
"In the meantime, the Government will not be pursuing prosecutions under this provision until the matter is resolved."
The Government began preparing for the change late last year, introducing 'race fields' legislation into State Parliament which will enable them to collect a fee from wagering operators betting on Queensland gallops, harness and greyhound races.
The money would be ploughed back into the three codes.
Opposition racing spokesman Mike Horan said it was recently estimated charging the betting agencies a fee instead of excluding them would pour another $17 million into the troubled racing industry.
"Racing needs this extra money," he said.
"I think that the reality of life has set in.
"All states are now working towards charging this fee for the race fields so some income comes back to the code for the product that is provided and advertising is more or less a natural progression."
He said the sponsorship and advertising from the online agencies would benefit Queensland racing, particularly country races which have been under threat.
Sportingbet finance director and legal counsel Anthony Waller welcomed the Queensland decision and promised to put money back into the industry.
"Sportingbet looks forward to being able to sponsor and participate in Queensland racing and sport," he said.
Sportingbet is Australia's biggest bookmaker with a turnover of $1.2 billion. (Credit: Gold Coast Bulletin)
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Saturday, January 10, 2009
Friday, January 09, 2009
Government bets on an $80m TOTE sale, by Loretta Johnstone and Kate Clifford - The Examiner - 9th January 2009
Both Federal Group and online betting company Betfair have responded cautiously when asked if they were likely suitors for TOTE Tasmania.
Treasurer Michael Aird yesterday announced the Government's intention to sell the wagering business, which commentators have suggested could realise up to $80 million for State taxpayers.
Existing players in the gaming industry, including Tabcorp, Betfair and the Federal Group, have all been suggested as potential buyers.
When asked if the group had ruled out buying the business, Federal Group corporate affairs manager Brendan Blomeley said that it would be interesting to see how the sale unfolded.
"We will be monitoring the sale closely," he said.
Betfair media and communications manager Hugh Taggart said that the company would consider the opportunity.
"We haven't made a decision yet but we'll certainly consider the options and take the appropriate steps," he said.
Financial analyst Tom Ellison said that the State Government could expect to receive between $80 million and $100 million from the sale.
"It's very difficult to value Government businesses because their financial statements don't always give a clear picture of the entities' underlying profitability," Mr Ellison said.
"(But) if a company like Betfair or Tabcorp were to buy TOTE they could probably get enough synergies to justify a sale price of between $80 and $100 million."
The TOTE will be sold through a competitive bid process due to be completed by the end of June.
Yesterday, Shadforths private client advisor Matthew Torenius said that it was impossible to put a price on buying the TOTE.
"I think the Government had decided to sell due to other structural reasons in the gambling sector," Mr Torenius said.
"There is obvious cash flow within the business, and companies such as Tattersalls, Tabcorp, maybe Betfair and even the Federal Group would be obvious players to buy the business." (Credit: The Examiner)
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Treasurer Michael Aird yesterday announced the Government's intention to sell the wagering business, which commentators have suggested could realise up to $80 million for State taxpayers.
Existing players in the gaming industry, including Tabcorp, Betfair and the Federal Group, have all been suggested as potential buyers.
When asked if the group had ruled out buying the business, Federal Group corporate affairs manager Brendan Blomeley said that it would be interesting to see how the sale unfolded.
"We will be monitoring the sale closely," he said.
Betfair media and communications manager Hugh Taggart said that the company would consider the opportunity.
"We haven't made a decision yet but we'll certainly consider the options and take the appropriate steps," he said.
Financial analyst Tom Ellison said that the State Government could expect to receive between $80 million and $100 million from the sale.
"It's very difficult to value Government businesses because their financial statements don't always give a clear picture of the entities' underlying profitability," Mr Ellison said.
"(But) if a company like Betfair or Tabcorp were to buy TOTE they could probably get enough synergies to justify a sale price of between $80 and $100 million."
The TOTE will be sold through a competitive bid process due to be completed by the end of June.
Yesterday, Shadforths private client advisor Matthew Torenius said that it was impossible to put a price on buying the TOTE.
"I think the Government had decided to sell due to other structural reasons in the gambling sector," Mr Torenius said.
"There is obvious cash flow within the business, and companies such as Tattersalls, Tabcorp, maybe Betfair and even the Federal Group would be obvious players to buy the business." (Credit: The Examiner)
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ICC moves to stop Channel Nine's betting ads - ABC - 9th January 2009
Channel Nine's cricket commentary has come under fire from the International Cricket Council (ICC) and anti-gambling advocates, who say the on-air advertising for a betting agency puts the integrity of the game at risk.
The ICC has stepped in to try to stop the practice.
The ICC refuses to have any dealings with gambling ventures and goes to great lengths to prevent players from betting on games after the damaging a match fixing scandal in the 1990s.
But Channel Nine has not been deterred by the controversy surrounding its decision to advertise betting agency Betfair during its ball-by-ball cricket commentary.
During the course of their commentary, Channel Nine's team has been giving viewers updates on the latest odds available from the betting agency.
Here is an example of the advertising, from one of the country's most recognisable cricket commentators, former Australian captain Richie Benaud.
"Just a note about the major turnarounds in Betfair trading today. We've taken a first innings lead, Australia were $1.24 at the start of play and they're now $5, so the draw might still be a decent bet," he said on-air.
The advertising tactics have stunned gambling opponents such as independent South Australian Senator Nick Xenaphon, who says it is inappropriate.
"Those revered commentators spruiking Betfair in the way that they have really undermines their credibility and has a potential to undermine the credibility of cricket," he said.
The ICC's president David Morgan is also disturbed by the television advertising.
"That is something that Haroon Lorgat, our chief executive has been in conversation with Cricket Australia about," he told ABC radio's PM program.
"I know that the whole issue of the discretion of odds, on current games being broadcast is something that Mr Lorgat has had some discussion with Cricket Australia about.
"What we are convinced about is cricketers are no longer assisting bet makers."
Cricket Australia has a sponsorship deal with Betfair, as has Channel Nine. It's understood Cricket Australia is pleased with its deal.
The network did not return PM's calls.
Senator Xenophon says the ICC needs to do more to stop what he describes as the blatant promotion of gambling.
"It's clear that what Cricket Australia is doing - cosying up with Betfair is bad for the game of cricket," he said.
"There are real dangers with Betfair's involvement with cricket, the very nature of Betfair where you can bet on a losing event, you can bet on someone playing badly, that opens up the game of cricket to corrupt events.
"The ICC really needs to go much further rather than just skirting around the issue."
Based on a report by Alison Caldwell for PM. (Credit: ABC)
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The ICC has stepped in to try to stop the practice.
The ICC refuses to have any dealings with gambling ventures and goes to great lengths to prevent players from betting on games after the damaging a match fixing scandal in the 1990s.
But Channel Nine has not been deterred by the controversy surrounding its decision to advertise betting agency Betfair during its ball-by-ball cricket commentary.
During the course of their commentary, Channel Nine's team has been giving viewers updates on the latest odds available from the betting agency.
Here is an example of the advertising, from one of the country's most recognisable cricket commentators, former Australian captain Richie Benaud.
"Just a note about the major turnarounds in Betfair trading today. We've taken a first innings lead, Australia were $1.24 at the start of play and they're now $5, so the draw might still be a decent bet," he said on-air.
The advertising tactics have stunned gambling opponents such as independent South Australian Senator Nick Xenaphon, who says it is inappropriate.
"Those revered commentators spruiking Betfair in the way that they have really undermines their credibility and has a potential to undermine the credibility of cricket," he said.
The ICC's president David Morgan is also disturbed by the television advertising.
"That is something that Haroon Lorgat, our chief executive has been in conversation with Cricket Australia about," he told ABC radio's PM program.
"I know that the whole issue of the discretion of odds, on current games being broadcast is something that Mr Lorgat has had some discussion with Cricket Australia about.
"What we are convinced about is cricketers are no longer assisting bet makers."
Cricket Australia has a sponsorship deal with Betfair, as has Channel Nine. It's understood Cricket Australia is pleased with its deal.
The network did not return PM's calls.
Senator Xenophon says the ICC needs to do more to stop what he describes as the blatant promotion of gambling.
"It's clear that what Cricket Australia is doing - cosying up with Betfair is bad for the game of cricket," he said.
"There are real dangers with Betfair's involvement with cricket, the very nature of Betfair where you can bet on a losing event, you can bet on someone playing badly, that opens up the game of cricket to corrupt events.
"The ICC really needs to go much further rather than just skirting around the issue."
Based on a report by Alison Caldwell for PM. (Credit: ABC)
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Tasmanian Government Plans on Tasmanian Tote
Competitive bid process envisaged to offload racing asset
January 7, 2009 (InfoPowa News) -- The Tasmanian government treasurer, Michael Aird, has published plans for the disposal of the Tasmanian Tote in order to increase funding to the horse racing industry. In a statement released this week, Aird said that relevant legislation will be presented to Parliament in the autumn which will amend the Gaming Control Act 1993 to bring the Tote under the authority of the Tasmanian Gaming Commission prior to its sale through a competitive bidding process.
The process would include the appointment of an independent probity adviser who will oversee the sale process to ensure it is conducted openly and fairly.
"The divestment will help in improving Tote's competitive position compared to the other privatized TABs in New South Wales, Queensland, Victoria and South Australia," Aird said. "Maintaining a wagering business in public ownership is not a core function of Government.
"The proceeds of the sale, which we hope will be finalized by the end of June 2009, will be reinvested into other state assets.
"The sale of Tote is consistent with most other Australian States and Territories which have also sold their wagering businesses with only Western Australia and the Australian Capital Territory still with government-owned totalisators."
Aird said the government would work to ensure, where possible, that Tote Tasmania staff retained their jobs and existing conditions under private ownership. "All accrued entitlements for staff at the sale date will be preserved," he said, revealing that with the transfer of its racing functions to the Tasmanian Racing Board, Tote Tasmania employs around 100 full time staff.
"Bidders will be asked to submit their intentions regarding employment levels and employment terms and conditions. These submissions will then be considered when evaluating overall proposals," said Aird.
The amendments envisaged to the Gaming Control Act will subject Tote Tasmania to regulation by the Tasmanian Gaming Commission, consistent with other wagering operators such as Betfair, and will also result in Tote Tasmania paying wagering tax directly to the Consolidated Fund.
"The Tasmanian Racing Board, the body that is now responsible for distributing funding to the industry, will be funded from the State Budget," explained Aird, adding that the sale of Tote Tasmania will provide opportunities to increase funding to the Tasmanian Racing Industry.
"I can guarantee that the Tasmanian Racing Industry will not be worse off by these arrangements," Aird promised. "The Tasmanian Government will separately fund the racing industry and over the coming months a long-term funding model will be developed in consultation with the new Tasmanian Racing Board and Tote Tasmania.
"The clear aim in developing the funding model will be to increase funding to the industry and ensure its long-term sustainability."
The Tasmanian government believes there are three principles that will be central to any future funding model for the Tasmanian Racing Board:
* Sustainability and revenue predictability for the Tasmanian racing industry
* Funding for an appropriate level of capital works; and
* Funding to enable the Tasmanian Racing Board to develop the Tasmanian racing product.
Tote's capital commitments, including A$6 million for lights at Tasman Park in Launceston, would not be affected by the sale.
Aird remarked that the timing for the sale of Tote was appropriate. "While economic conditions are volatile, good assets can still be sold with a strong return," he said.
"Tote Tasmania is a unique business and I am sure it will attract significant buyer interest despite the volatile markets because, importantly, most of the likely bidders still have access to capital."
Aird has appointed Deloittes as the government's financial adviser and Clayton Utz as its legal adviser. Any interested bidders should direct their queries to:
David Willington
Director
Deloitte Corporate Finance Pty Limited
Level 3, 225 George Street
Sydney, NSW, 2000
Australia
(Credit: InfoPowa News)
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January 7, 2009 (InfoPowa News) -- The Tasmanian government treasurer, Michael Aird, has published plans for the disposal of the Tasmanian Tote in order to increase funding to the horse racing industry. In a statement released this week, Aird said that relevant legislation will be presented to Parliament in the autumn which will amend the Gaming Control Act 1993 to bring the Tote under the authority of the Tasmanian Gaming Commission prior to its sale through a competitive bidding process.
The process would include the appointment of an independent probity adviser who will oversee the sale process to ensure it is conducted openly and fairly.
"The divestment will help in improving Tote's competitive position compared to the other privatized TABs in New South Wales, Queensland, Victoria and South Australia," Aird said. "Maintaining a wagering business in public ownership is not a core function of Government.
"The proceeds of the sale, which we hope will be finalized by the end of June 2009, will be reinvested into other state assets.
"The sale of Tote is consistent with most other Australian States and Territories which have also sold their wagering businesses with only Western Australia and the Australian Capital Territory still with government-owned totalisators."
Aird said the government would work to ensure, where possible, that Tote Tasmania staff retained their jobs and existing conditions under private ownership. "All accrued entitlements for staff at the sale date will be preserved," he said, revealing that with the transfer of its racing functions to the Tasmanian Racing Board, Tote Tasmania employs around 100 full time staff.
"Bidders will be asked to submit their intentions regarding employment levels and employment terms and conditions. These submissions will then be considered when evaluating overall proposals," said Aird.
The amendments envisaged to the Gaming Control Act will subject Tote Tasmania to regulation by the Tasmanian Gaming Commission, consistent with other wagering operators such as Betfair, and will also result in Tote Tasmania paying wagering tax directly to the Consolidated Fund.
"The Tasmanian Racing Board, the body that is now responsible for distributing funding to the industry, will be funded from the State Budget," explained Aird, adding that the sale of Tote Tasmania will provide opportunities to increase funding to the Tasmanian Racing Industry.
"I can guarantee that the Tasmanian Racing Industry will not be worse off by these arrangements," Aird promised. "The Tasmanian Government will separately fund the racing industry and over the coming months a long-term funding model will be developed in consultation with the new Tasmanian Racing Board and Tote Tasmania.
"The clear aim in developing the funding model will be to increase funding to the industry and ensure its long-term sustainability."
The Tasmanian government believes there are three principles that will be central to any future funding model for the Tasmanian Racing Board:
* Sustainability and revenue predictability for the Tasmanian racing industry
* Funding for an appropriate level of capital works; and
* Funding to enable the Tasmanian Racing Board to develop the Tasmanian racing product.
Tote's capital commitments, including A$6 million for lights at Tasman Park in Launceston, would not be affected by the sale.
Aird remarked that the timing for the sale of Tote was appropriate. "While economic conditions are volatile, good assets can still be sold with a strong return," he said.
"Tote Tasmania is a unique business and I am sure it will attract significant buyer interest despite the volatile markets because, importantly, most of the likely bidders still have access to capital."
Aird has appointed Deloittes as the government's financial adviser and Clayton Utz as its legal adviser. Any interested bidders should direct their queries to:
David Willington
Director
Deloitte Corporate Finance Pty Limited
Level 3, 225 George Street
Sydney, NSW, 2000
Australia
(Credit: InfoPowa News)
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Thursday, January 08, 2009
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Tuesday, January 06, 2009
Monday, January 05, 2009
Pigeons will fly - The Sydney Morning Herald - 5th January 2009
Twelve pigeons named after the Channel Nine commentary team will be raced today from Glenn McGrath Oval in Narromine to the north-west NSW town of Trangie (about 30 kilometres) in support of the McGrath Foundation. The Pink Pigeon race is sponsored by Betfair, who have framed a market listing Scoob (Simon O'Donnell) as the $3.30 favourite. Slats is next at $4.70 while Chappelli is paying $4.90. Big odds for Kenny ($21) and Ritchie ($18.50). Still on odds, McGrath is the firm favourite with Centrebet to be named Australian of the Year ($1.80), ahead of Aboriginal leader Professor Michael Dodson ($3.50). (Credit: The Sydney Morning Herald)
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