New online betting taxes to squeeze foreign bookies


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Most recently, in November, one of the nation’s newest online betting sites, Neds.com.au, was snapped up by Ladbrokes’ London-listed parent company, global gambling giant GVC Holdings for as much as $95 million.


Off the back of internet and app-based wagering, sports-betting revenue has swelled by 15 per cent a year in Australia, to become the fastest-growing form of gambling. Many of the world’s biggest and best-known gambling powerhouses including Paddy Power Betfair, The Stars Group, Ladbrokes and Bet365 are operating here, and have transformed Australia into one of the most competitive online betting markets globally.


Through their industry group Responsible Wagering Australia, led by former Labor senator Stephen Conroy, online bookmakers said they were deeply disappointed at the various state government decisions to introduce the new taxes, arguing they already paid sizeable contributions through the GST and income tax.


Mr Conroy said bookmakers appreciated the state governments’ consultation efforts in Victoria and NSW, but warned the new taxes would have “significant negative and far-reaching consequences”.


After years of subdued advertising compared to its online bookmaker rivals, Tabcorp has noticeably ramped up marketing efforts since the 2018 football finals and spring racing season in a bid to chase new customers. The ASX-listed company’s head of wagering, Adam Rytenskild, said the move was in part due to the new point-of-consumption taxes that would most likely crimp its rivals’ marketing budgets and offerings.


Article source: http://smh.com.au/business/retail/solomon-lew-seeks-myers-share-register-20170927-gypqnt.html

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