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Australia’s Northern Territory legalises exchange betting

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 state.

The new legislation amends existing laws to allow companies to offer exchange betting products in the state.

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.

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