Betfair is back on the track


The Australian newspaper The Age reports that Betfair's incoming chief executive in the land of Oz, Andrew Twaits, says the economic slowdown is having little impact on the firm, and after four months of trading in its new financial year Betfair is on track to beat its goal of 30 percent sales growth.

Fears that the licensing of Betfair in Australia and licensing the Darwin-based corporate bookmakers to operate on Victorian racing would affect the traditional wagering provided by Tabcorp have proved to be unfounded, judging by the results so far over the spring carnival.

In fact, Tabcorp's win and place wagering figures have been on the increase since Betfair resumed operating on Victorian races from last July. There is little doubt that, rather than affect it, Betfair had stimulated Tabcorp turnover.

Twaits said this week that there was no doubt that the opening up of Australia's wagering industry, particularly Internet wagering, had led to increases in turnover by all providers, including Tabcorp. The disclosures have disproved dramatic claims by traditional horse racing associations and politicians who opposed Betfair's licensing that it would impact adversely on the industry.

In partnership with Publishing and Broadcasting Ltd, Betfair was licensed by the Tasmanian Government early this year and was given the go-ahead in July to operate on Victorian races under the racefields legislation along with the corporate bookmakers.

Twaits told The Age that 6 500 Betfair clients had placed more than 66 000 bets on the Melbourne Cup, or 10 bets each.

"The nature of our business is very different from Tabcorp because our customers are taking advantage of the changing market to back or lay a horse." Twaits said. Interestingly, 60 percent of Betfair's business on the Melbourne Cup, which involved about A$4 million, came from overseas clients compared with 30 percent on the Caulfield Cup.

"There is no doubt that Internet and telephone betting is the largest growth area in the wagering business and for us, the Melbourne Cup was right up there with the World Cup soccer and the NRL and AFL grand finals," Twaits said.

General Gambling News

Login to post a comment:


 
 

Click Here to register a new account

What's going on right now!

4mins ago someone from United States read article Victor Chandler expands to Spain

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

Casino Of The Month

Casino of the Month

In the last 24h

Totals

  • New Members
    26
  • Members Online
    341
  • Guests
    2,200
Highest Community Rated Online Casinos
NextCasino
  (122 Ratings)
Bet365 Games
  (142 Ratings)
CasinoLuck
  (189 Ratings)
Betsson Casino
  (186 Ratings)
Unibet Casino
  (109 Ratings)
Guts Casino
  (141 Ratings)
Redbet Casino
  (115 Ratings)
Slotty Vegas
  (83 Ratings)
Spin Palace Casino
  (96 Ratings)
Betsafe Casino
  (161 Ratings)
Mr Green Casino
  (252 Ratings)
BitCasino.io
  (145 Ratings)
ComeOn Casino
  (202 Ratings)
Intertops Casino Classic
  (90 Ratings)
32 Red Casino
  (263 Ratings)
Winner Casino
  (310 Ratings)
Liberty Slots Casino
  (142 Ratings)
Casumo
  (106 Ratings)
Jetbull Casino
  (85 Ratings)
Thrills Casino
  (107 Ratings)
Intertops Red Casino
  (100 Ratings)
Vera John Casino
  (155 Ratings)
Sin City Casino
  (74 Ratings)
Slotland
  (259 Ratings)
BETAT Casino
  (166 Ratings)
Ladbrokes Casino
  (133 Ratings)
3Dice Casino
  (222 Ratings)
Ruby Fortune Casino
  (122 Ratings)
PlayHippo
  (59 Ratings)
River Nile Casino
  (86 Ratings)


Follow LCB on Facebook Follow LCB on Twitter Follow LCB on Pinterest Follow LCB on Google plus