Betfair is Granted License from Tasmanian Government
8 November 2005

Last Friday, Betfair and PBL were pleased to hear Paul Lennon’s, Tasmanian’s Premier, announcement that his Cabinet made the decision to implement innovative legislation next week that will license Tasmania to take part in betting exchanges. Although it has yet to be seen if the legislation is passed, if it does go through, it will enable the joint venture of Betfair and PBL to apply for a license so they can create the first gambling exchange that will operate, be regulated and pay taxes in Australia.

The Executive Chairman of PBL, James Packer, said that when it comes down to it, a large number of people are afraid to embrace change, but those who do are the ones who will ultimately earn the rewards. For this reason, Packer believes that the Lennon Government should be congratulated. The financial guarantees that PBL has offered is a strong sign of the confidence they have in both the Tasmania’s business environment and in the Betfair business model.

The co-founder of Betfair, Edward Wray, said Betfair approves of the way the government has dealt with their proposal, as they have undertaken a meticulous and reasonable process and have seen through the scare strategies of their competition. Sports and racing regulators will be extremely pleased that the draft legislation will need wagering exchange operators in order to manage all records of betting, as well as all customer details should customers require them if they make an inquiry. According to Wary, it has always been Betfair’s goal to provide lawful information that strongly backs the proposed approach of the Government.