Thursday, June 14, 2007
Disappointing revenues from Tasmanian exchange betting license

The financial revenues for treasurer and racing from licensing controversial exchange betting have been far behind expectations.

Official documents published by the Tasmanian government revealed that last years’ revenues were AUS$5,5 million, much less than half the forcasted AUS$12,8. For the coming year, the forecast in revenues have been downgraded from AUS$24 to just AUS$6.6m.

The Tasmanian Authorities have been heavily critized by the other Australian states and territories for breaking the ranks when it allowed the controversial exchange betting. The other provinces, where the majority of Australian races take place, have now been blamed for protection their racing industry and not allowing exchange betting to advertise.

The Tasmanian’s government forerecasts were based on exchange betting attaining a 4 per cent share of the Australian wagering market. There are now fears that others will have to pay for this mistake. The Chairman of the Tasmanian Racing Club was quoted that the shortfall could be made up by cost-cutting at TOTE.