The federal territory
said the legislation passed last week would reinforce its position as the
“premier jurisdiction" for online wagering and create new jobs for the
The new legislation
amends existing laws to allow companies to offer exchange betting products in
This new betting
exchange licence will be regulated in the same manner as existing sports
bookmakers and taxed at the same rate.
However, due to the
more complicated system involved in peer-to-peer betting, the application and
annual fees have been increased from 20,000 revenue points to 200,000 revenue
points for the product.
Minister for Racing,
Gaming & Licensing Peter Styles said that the Racing and Betting
Legislation Amendment Bill will act as a catalyst to attract international
operators to the Northern Territory.
“Aside from direct
taxes and fees, the indirect economic benefits to the NT will be positive for
the Territory,” Minister Styles said.
“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,” he explained.
The amendment also
formalises “handshake” payment agreements between interstate wagering
operators, Thoroughbred Racing NT (TRNT) and the Darwin Greyhound Association
(DGA). This will bring the territory in-line with other jurisdictions to allow
the state’s racing and control bodies to levy a product fee for use of their
information by wagering operators.
The legislation will protect revenue currently generated for
the racing industry as major events such as the Darwin Cup and Alice Springs
Carnival become increasingly popular betting events.