Betfair to exit Australia

hhh
Posts: 46
Joined: Tue Nov 29, 2011 4:25 pm

Despite all the speculation and "doom and gloom" scenarios, the risk/reward for this trade by Packer could be the start of something sensational.

Surely Packer (ft. his advisors) would have done the analysis and seen that the potential upside to owning the only exchange (+/- Betfair Brand) in Australia having too much value to ignore.

Once the inplay betting regulation changes (which I believe is just a matter of time), whoever owns the exchange in Australia will be the core of the $5b+ sports betting industry (excluding online pokies & poker). As you would expect, Crown would want to have their online ducks in a row for when/if these channels come into play.

Well aware of the issues the exchange concept has had in Australia to date, however in hindsight it has been amazing that Betfair (as a foreign company) have progressed as far as they have. Hopefully Packer and his team of jackals can do everyone a favour and give Xenophobe and V'landys a nudge into other career paths.

Amending the Interactive Gaming Act...
The following is just from my own reading so may be well off the mark however others in the know (up to date) may be able to contribute...

The Australian Government has each of the states creating a "harm minimization" plan/report in order to progress amending the Interactive Gaming Act. This is the precursor to a 5 year pilot allowing online poker to be (legally) offered to Australians.

Although online sports betting is out of scope at this point in amending the IGA, it does appear to be at the forefront of discussions and also included in the report by the Department of Broadband, Communications & Digital Economy (DBCDE) in 2013.
The principle of platform neutrality was applied by the DBCDE in its Final Report. With respect to betting, this means that a category of bets will be treated the same way regardless of the channel on which betting took place.
For more info read the attached report. Bit of a grey area around what clarifies as "micro betting" however good to see it is at least on the table.

Also on the IGA front, they have recently progressed the "Foreign Account Tax Compliance Act" (FATCA) which I have seen numerous mentions to in the IGA reviews & reports etc. I assume this is all that the Australian Government actually cares about. As per usual, the government appears to want each of the states to take ownership and come up with the proposals. (knowing how fast states work, might be 10 years away though)

Sources
Review of the Interactive Gaming Act
Page 3 - "Online Wagering"
http://www.addisonslawyers.com.au/knowl ... tralia.pdf

FATCA
http://www.mallesons.com/publications/m ... leted.aspx
Zenyatta
Posts: 1143
Joined: Thu Mar 11, 2010 4:17 pm

mugsgame wrote:
But in all seriousness. The Aussie bookmaking industry and Government are ripping consumers off. They are selling you a product that is (average - your racing) for top price and letting you bet on it with huge over rounds. - Some of TAB books are over 140% ffs.

I thought is was bad here. I am desperately sorry for you guys. Still, at least you have nice weather (that is when it isn't too hot to actually go outside). You can always come and live in the UK. We let anyone in. Once you're here you can claim asylum. Say that your Government are ripping you off with huge over rounds and shite racing. :)

Sorry - I love Aussie bating :)
Most bookies/totes in NZ/Aus end up creaming 15%-20% off the top (return to the punter of 80-85%).

But sports and betting are truly massive in Aussie, they're part of the culture, far more so than the UK. Millions of mugs wagering millions of dollars. Right up your alley I would have thought ;)

It would be a real shame if UK folks could no longer use the exchange on Aussie races. There are some iconic horse races run in Australia - including the famous Cox, Caulfield and Melbourne Cups/ Spring Carnival. Your sporting calendars would be seriously impoverished without an Australian Betfair wallet.
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mugsgame
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Zenyatta wrote: It would be a real shame if UK folks could no longer use the exchange on Aussie races. There are some iconic horse races run in Australia - including the famous Cox, Caulfield and Melbourne Cups/ Spring Carnival. Your sporting calendars would be seriously impoverished without an Australian Betfair wallet.
100% Zen
blueport
Posts: 229
Joined: Mon May 18, 2009 7:35 am

It's difficult to imagine going forward without an exchange.

Like others have said this would be a massive step backwards in the evolution of gambling in oz.

If it all ended tomorrow my only regret would be I didn't go harder while I had the opportunity.

Here's hoping for a favourable outcome.
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Naffman
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Joined: Sun Aug 11, 2013 5:46 am

It will be an Australia that I don't want to live in :lol:
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mugsgame
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Joined: Wed Mar 25, 2009 11:41 pm

Is it possible that the Great Aussie nation will draw upon their "British" DNA and grow some? Will they rise up against oppression and start an "Aussie Spring"?
Imagine - crowds gathering outside the MSG and the Gabba, building barricades and setting cars on fire. Throwing BBQ charcoal at the riot Police while holding a nice tinny of cold of Fosters in the other hand.
Trying to effect an change in their hardline Government. What No Exchange?

Use your right to voice your opininon, and kick the government out. Get one in who shapes your Country how YOU want it.
Just like we do in the UK.............. :oops:
hhh
Posts: 46
Joined: Tue Nov 29, 2011 4:25 pm

Here is a newly released report by Gambling Research Australia on Interactive Gambling...

For those that enjoy detail:
http://www.gamblingresearch.org.au/home ... mbling+pdf
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Naffman
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Haven't heard any more news since, so I think Betfair Australia is safe for now :D
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gazuty
Posts: 2547
Joined: Sun Jun 26, 2011 11:03 am
Location: Green land :)

Naffman wrote:Haven't heard any more news since, so I think Betfair Australia is safe for now :D
Don't speak too soon naffers. The "new" Australian racing site has two modes. Surprise surprise surprise, those modes are Bookmaker and Exchange.

Readers will be shocked, shocked (think Claude Rains as Captain Louis in Casablanca) to find that the default setting is bookmaker. Users need to actively change it over to the exchange. Having a look at the weekend if the favourite is 5.9 on the exchange, the bookmaker will give you 5. Well knock me down with a feather.

Let's see (5.9-1)*0.935 + 1 = 5.58 - post commission odds.

Won't be long naffers and the exchange option won't be there. Packer takes full control and our English friends are gone. Just when I got to making four figures a week on average on Australian racing. Doh.
blueport
Posts: 229
Joined: Mon May 18, 2009 7:35 am

I see Betfair Oz introduced the cash out feature this week.

Should we see this as a positive for the longevity of the exchange?
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Euler
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Thier results yesterday were ambiguous but when I posted that they didn't include Australia in their list of sustainable markets, they quickly came back and said it was. So I took that as a positive.
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Naffman
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Disappointing news Qld :roll:

http://www.racingandsports.com.au/en/ra ... ory-306750

Maybe they should sort their on-course bookmakers out first who I heard were operating a 145% book at the jump on Wednesday.

Let's just hope Betfair don't make Qld a turnover charge market because that would seriously be going in the wrong direction.
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gazuty
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Location: Green land :)

Australian Financial review reports today a tie up between Packer/Crown (owner of Betfair in Australia) and Tripp (BetEasy) for Crown to access Tripp's experience in fixed odds betting. Making a 140% overround - how hard can it be. Hmmmmmm.
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Naffman
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Is Betdaq making a comeback? I've been able to get on Betdaq on the web as well as BetdaqBetAngel for a week now...
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steven1976
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Joined: Tue Jan 19, 2010 6:28 am

Its back here in Thailand as well. I have only tried via the site at the moment as i have not got it installed on BA.
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