Wagering operator Betfair has announced an in-principle agreement with the Tasmanian government to keep its operations in the Apple Isle for the next decade.Betfair was awarded a non-exclusive licence to operate by the Tasmanian government in 2006 with the new agreement set to extend the betting exchange's stay in the state until 2020.The deal is conditional on approval from the Tasmanian Gaming Commission as well as legislation passing the Tasmanian Parliament reducing tax on betting exchanges
Wagering operator Betfair has announced an in-principle agreement with the Tasmanian government to keep its operations in the Apple Isle for the next decade.
Betfair was awarded a non-exclusive licence to operate by the Tasmanian government in 2006 with the new agreement set to extend the betting exchange's stay in the state until 2020.
The deal is conditional on approval from the Tasmanian Gaming Commission as well as legislation passing the Tasmanian Parliament reducing tax on betting exchanges to five percent of gross revenue.
Betfair employs 135 staff in its Hobart offices and contributes $20 million annually to the Tasmanian economy with more than $5 million product fees paid directly to racing and sports.
"Today's announcement is an important step towards providing long-term certainty for Betfair in Australia and its Tasmanian workforce," said Betfair Australia's chief executive, Andrew Twaits.
"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.