Starting in May this year, Betfair will offer its international users direct access through their existing Betfair accounts to the Tote Tasmania betting products and the SuperTAB pool, one of Australia’s largest wagering pools combining bets placed through totalisators in Victoria, Western Australia, the ACT and Tasmania.
Betfair has over a million registered customers that Tote Tasmania will promote its Australian racing products to and while the commercial details of the agreement were not disclosed, the betting exchange will likely receive a share of net revenues for acting as Tote Tasmania’s agent.
Both Andrew Twaits, Betfair’s director of corporate affairs, and Craig Coleman, Tote Tasmania chief executive, estimate the arrangement will add “tens of millions” to the Tote’s annual turnover.
The racing industry will also benefit from a windfall of increased returns from 2009. Announcing the agreement, Michael Aird, the Tasmanian Minister for Racing, said: “It is expected that more than $10 million a year will be returned to the Tasmanian racing industry.”
However, the Virtual Form Guide reported that while the deal is good for the Tasmanian racing industry, it creates a ‘ridiculous situation’ where the increase in turnover from Betfair clients will be primarily funding Tasmanian racing despite the fact bets will most likely be placed on racing in other Australian states.
Andrew Twaits said Betfair is looking to establish similar deals with Tabcorp and Unitab, but denied a plan to bid for a Victorian betting license.
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