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Tabcorp to take Event Bets; Paddy Power Results to Come Monday

TAGs: event betting, financial results, Paddy Power, Tabcorp

TabcorpThe New South Wales government has eased the ban on NSW licensed bookmakers from taking bets on non-sporting events. The move should help the struggling Tabcorp and bring the state inline with the rest of the country.

Until the ease in restrictions, punters would have to make bets on reality television, elections and award shows online. As a result, the licensed bookmaking shops claimed they were losing out of to online gambling companies such as Centrebet, licensed in the Northern Territory, where event betting has long been the standard.

Minister of Gaming, Kevin Greene told Parliament, “NSW wagering operators have expressed concern that they are disadvantaged in attracting clients as they are not able to offer the full range of betting products as their interstate counterparts. This impacts on their core racing and sports betting businesses.”

The change came quietly as they revealed the change as it spent its first day in caretaker mode. The change in policy came about after changes to the Racing Administration Act to allow Tabcorp’s electronic horse racing game, Trackside.
The changes still offer some limits, while punters can bet on the Oscars, the AFI Awards and non-traditional sports like futsal, poker and chess, the Interest rates by the Reserve Bank are off limits to betting.

Paddy Power Results coming Monday
Paddy Power to release full year results March 7. They have already reported that it expects earnings per share to increase from 35pc to 40pc as sporting results generally went their way in the fourth quarter.

Analysts will interested to see how Paddy Power is doing during the consumer downturn in the Irish Market as many of its key rivals are closing betting shops.

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