Apr
12th

Betfair Keen for Financial Betting in Revamped Online Betting Model

Subsequent to a recent productivity Commission draft report that recommended extensive liberalization of online gaming laws, there has been huge interest in the Australian gaming industry.

Paddy Power has bought control of Sportsbet and IASbet while William Hill and Ladbrokes are both considering a takeover of Centrebet.

Meanwhile, Betfair’s Australian chief executive, Andrew Twaits, is considering offering financial betting together with online poker and casino games to Australians.

Twait is confident that there will be a huge influx of foreign operators coming into the market and is expecting companies such as Ladbrokes, William Hill and Coral to begin looking into entering the Australian market in the next year or two.

Mr Twaits stated that the draft report is good for the industry and that Betfair would offer Australian gamblers a collection of new services that would include financial bets on condition that it could secure regulatory approval.

Betfair is hoping to establish an online casino and offer live online betting while events are in progress. Both of these are currently banned but it is hoped that it would be allowed under the commission’s draft report.

Twaits reported further that foreign online casinos, many of which are based in Gibraltar and the Caribbean, were making a profit of $790 million yearly from Australians and he felt that this money could be spent and taxed locally. He was also worried that if they wait too long there will come a stage where illegal offshore operators will gain too much of the market share.

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