The Gaming Control Amendment (Betting Exchange) Bill has been approved by Tasmania’s Upper House with just four amendments. This will open the way for the Betfair and Publishing & Broadcasting Limited (PBL) joint venture to become operational, possibly early next year. The move to allow Betting Exchanges in Australia has been fought over the last two years and it is anticipated that Betfair will only be the first to apply for a licence.

One amendment to the Bill is the requirement that every three years there must be an independent socioeconomic impact assessment. Racing authorities warned that Tasmania could be ostracized from the national betting pool if the Bill was passed, a claim that was dismissed as scaremongering by the authorities. Tasmania has always been in the lead in Australia over gambling regulation.

Betfair has promised the racing industry unprecedented improvements in horseracing integrity, 150 new jobs in the state and large scale funding for the industry. The Australian Racing Board had campaigned against the introduction of Betting Exchanges and considers the A$35 million promised by Betfair for racing by 2010 as ‘highly unlikely.’ (E-11.24.05)

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