Betfair relocates Australian business to Northern Territory
Betfair has announced plans to move its Australian business from Tasmania to the Northern Territory.
According to regional Australian newspaper NT News, the relocation will come into effect from September 20, creating a number of new jobs in Darwin.
The newspaper said Betfair will begin its ‘Top end’ operation with 12 staff, with former Racing Minister Peter Styles, who led the charge to relocate Betfair to the region, stating that this figure may rise should the business hit growth targets.
The Northern Territory offers the cheapest gambling licences in Australia, with the 13 corporate bookmakers based in the region having paid A$4.8 million (€3.2 million/US$3.6 million) in gaming taxes during the last financial year on a turnover of A$9.6 billion.
The newspaper said that Betfair will pay A$805,000 in annual tax and licence fees in the Northern Territory, with the move set to have a detrimental impact of A$3 million a year on state revenue in Tasmania.
As well as the “attractive lure” of lower fees in the Northern Territory, Styles said the state also allows for a “quicker response to operational issues than the Tasmanian regulator”.
“This does not mean the Northern Territory is a pushover when it comes to approval process, but our smaller size allows us to move with greater speed,” Styles said.
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