Australia’s premier gambling and entertainment group Tabcorp Holdings claims to be creating ‘the bigger better game’ for its customers, employees, shareholders and the community. Yesterday at the Star City Casino in Sydney the company launched its latest venture – Luxbet.com, an online and telephone betting service in Northern Territory for racing, sport and novelty product bookmaking.

Luxbet will commence operations on 1st October 2008 and will operate as a stand-alone business to the NSW and Victorian TABs. The service will compete with corporate bookmakers in the Northern Territory and operate from an office at Fannie Bay racecourse in Darwin, employing up to 30 people in the Northern Territory. Significantly, as well as paying product and race fields fees set by the racing industry, Luxbet.com currently intends to provide a discretionary payment to each of the NSW and Victorian racing industries of 12.5% of profits.

Products that Tabcorp has previously been unable to offer because of regulatory restrictions, such as betting on elections, entertainment events and fixed odds betting up to the jump on all races, will be available to those wishing to place wagers. Luxbet.com intends to be market competitive in terms of the prices offered to customers and its preparedness to take on larger transactions. It also aims to bet fixed odds on more thoroughbred races than any other corporate bookmaker.

“The launch of LUXBET.COM demonstrates Tabcorp’s commitment to expanding its wagering business,” Tabcorp’s Managing Director of Wagering, Robert Nason said. “We invite racing and sports punters to discover LUXBET.COM. Our team has created a compelling offer in just 100 days and there will be much more to come. By entering the Northern Territory we can offer a more complete product range and new betting options. LUXBET.COM’s willingness to pay race fields fees and to contribute generously to the NSW and Victorian racing industries sets us apart from other bookmakers.”

Having been granted a sports licence by NT Racing Commission, Luxbet.com will form a key part of Tabcorp’s response to changes in Australian wagering. Northern Territory corporate bookmakers have experienced strong growth as a result of differences in the regulatory environments between Australian states and territories. Tabcorp estimates that Northern Territory corporate bookmakers will generate revenues in excess of $4 billion this financial year. (E-09.17.08)

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