Betfair Australia is set to migrate its business operations from Tasmania to the Northern Territory, following the state passing approved legislation and licensing provisions in April relating to services for online exchange wagering.
The exchange operator, wholly owned by James Packer’s Crown Resorts, confirmed its decision to move to the Northern Territory last week, with the company reported to have migrated an initial 12 staff members to Darwin.
Implementing a lenient regulatory gambling framework, the Northern Territory has become the licensing state of choice for online operators targeting the burgeoning Australian betting marketing.
At present the Northern Territory is home to 13 corporate bookmakers. Betfair Australia will fully take up its state licensing on the 20 September, with the operator reported to be paying circa AUS $800,000 in provisional fees.
Australian news sources have reported that Betfair generated the Tasmanian government around AUS $3 million in state revenues per year, the company had been licensed in Tasmania since 2005.
Northern Territory MPs welcomed Betfair Australia to the state, detailing that the business had been lured by an efficient tax policy and efficient licensing/regulatory structure for online betting operators.
