26 May 2016
Deputy Chief Minister of the Northern Territory, Minister for Racing Gaming and Licensing
Legislation passed in Territory Parliament tonight will reinforce the NT as Australia’s premier jurisdiction for online wagering and create new jobs for the Territory.
Minister for Racing Gaming & Licensing Peter Styles said the Racing and Betting Legislation Amendment Bill 2016 amends current legislation to allow companies offering betting exchange to be based in the Territory.
“A betting exchange allows customers to bet against each other rather than against the bookmaker,” Mr Styles said.
“The addition of a specific betting exchange licence will act as a catalyst to attract international operators to the NT.
“Aside from direct taxes and fees, the indirect economic benefits to the NT will be positive for the Territory.
“We already have affirmation from Australia’s only betting exchange operator, Betfair Australia, they will relocate to Darwin, initially commencing with around a dozen staff.
“The addition of the betting exchange licence is expected to have no impact on problem gambling as Betfair has been in business in Australia for 10 years.”
Other amendments to the legislation formalise ‘handshake’ payment agreements between interstate wagering operators and Thoroughbred Racing NT (TRNT) and the Darwin Greyhound Association (DGA).
It brings the NT in line with other jurisdictions to allow NT racing and sporting control bodies to levy a Product Fee for the use of their information by wagering operators.
The Product Fee legislation will protect valuable revenue currently received by the racing industry as the Darwin Cup and Alice Springs Carnivals continue to grow in success.
The betting exchange licence will be regulated in the same manner as existing sports bookmaker operators and tax levied on the licence will be the same however, due to the more complicated system involved (betting is customer versus customer) the application fee and annual fee have been increased from 20,000 revenue points to 200,000 revenue points for the new betting exchange category.
Media Contact: Rebecca Barr 0407 284 066