The Tasmanian Government\’s Lower House approved the Betting Exchange Bill by 12 votes to 10.
Premier Paul Lennon allowed a six hours debate during which the Government rejected a motion to send the Bill to a joint select committee and voted down a request for an independent social and economic impact study.
The Gaming Control Amendment (Betting Exchange) Bill 2005 now progresses to the State\’s Upper House where debate will start November 23 at the earliest. If approved, Betfair will become Australia\’s first licensed betting exchange.
The Bill provides for the regulation of betting exchanges and outlines the fees and taxes that betting exchanges must pay if they do gain a license.
It also stipulates restrictions on wagering by interested persons, so that it will be an offence for the owner of a racehorse to bet to lose on an event in which the horse is entered. The penalty for cheating is a $1 million fine and/or four years in jail.
In separate news, the Victorian Bookmakers Association reported record betting figures for the Melbourne Spring Carnival with gross holdings up 5 per cent to $89 million for the six meetings in the Caulfield Cup-Emirates Stakes period.
“It shows that racegoers continue to appreciate the outstanding service and comparative returns bookmakers offer,” commented John Clancy, the association\’s Chief Executive.
Calculators
