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AUSTRALIAN SPORTS BODIES WANT MORE CASH FROM BOOKIES
04/09/2012 : AUSTRALIAN SPORTS BODIES WANT MORE CASH FROM BOOKIES
Recent High Court ruling on fees in horseracing creating wider ripples in sport
The High Court in Australia's recent decision that Racing NSW could claim fees from online bookmakers like Betfair and Sportsbet is creating ripples in other sports that attract the punters, claims a report in the Sun Herald newspaper.
Quick to see commercial advantage in applying the ruling to their own sports, the Australian Football League (AFL) and Cricket Australia are reportedly investigating the possibilities of exploiting the court's verdict.
Tabcorp already pays the AFL upwards of $1 million a year to be its official bookmaker partner, and the Sun says that more than 20 other betting agencies pay 5 percent of their AFL-related profits into the league's coffers.
"A turnover model, as opposed to profits model, could significantly boost the league's bet-related income," the newspaper opines, noting that sports-mad Aussie punters gamble an estimated $500 million a year on AFL events.
If the racing turnover cut of 1.5 percent were applied, that would create a $7.5 million annual payment.
Betfair, one of the companies that took the failed action against Racing NSW, is a commercial partner of Cricket Australia.
Racing Victoria charges corporate bookies on a gross-profit basis for the rights to use its race fields, but said that the turnover method of calculation would add only $1 million to its annual $53 million earnings from race-fields fees.
State Racing Minister Denis Napthine said new legislation would be enacted to ensure the Victorian industry received fair returns from wagering entities.
"This decision provides much greater certainty to the racing industry, which is worth more than $2.5 billion to the Victorian economy and employs 70,000 people," Napthine told the Sun Herald.
Sportsbet and Betfair, who took the High Court action, and other corporate bookies are the big losers from the court ruling, the newspaper notes.
But Betfair chief executive Giles Thompson warned "...ultimately it is the punter who will pay for this lack of competition as it will impact on the variety, quality and value of betting on racing in NSW".
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Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
Why is FullFlush Poker Still Down -
Its now almost a month since Full Flush Poker went offline "for a platform upgrade" and stopped communicating with its reportedly many unpaid and unhappy players. All trace of the operator - and means to communicate with it - have vanished.
Time Running Our For Pennsylvanian online gambling -
Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.
Yggdrasil Gaming Expanding -
The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.
FanDuel and DraftKings Settle With NY Attorney General -
Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.
Stan james Now Live With EPOS -
The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.
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