BUSINESS

Tabcorp not planning to open up betting exchange

TAGs: Australia, Tabcorp

Tabcorp logoTabcorp has made it clear that they’re highly unlikely to establish their own betting exchange. It comes as the Australian company secured a license in Victoria to operate wagering and betting for 12 years. Betting exchanges are not what they are looking at though, David Attenborough explaining, “We have always had concerns about the integrity of betting exchanges and we are yet to see a betting exchange operate successfully in Victoria.”

The deal, that will begin next August, was welcomed by the state’s racing industry that had feared they would miss out were the license to be awarded to another group. As an industry, racing will receive minimum aggregate amounts of $337 million and $342 million for 2013 and 2014 respectively.

Racing Minister Denis Napthine commented, “It is up to the three racing codes to distribute the money but the provision is certainly there for greater prize money.

“There is no reason why prize money should not increase.”

This was before Attenborough later added, “Now the government is better off and the racing industry is better off.”

Betfair currently operates an online betting exchange in the country but is currently not favored by all those on the island. Tabcorp’s image as a recognizable Australian institution would give it the opportunity to trump their competitor and develop something very successful. Napthine echoed this by telling the Herald Sun the chance to develop an exchange was some opportunity. It looks like they won’t be doing so for the time being but if they wanted to move in one direction they would enjoy the benefits.

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