Betting exchange to switch to Northern Territory licensing, but will maintain presence in Tasmania.
The Australian operation of online betting exchange Betfair, which has been a wholly owned subsidiary of local casino operator Crown Resorts since 2014, has announced that it is switching its licensing jurisdiction from Tasmania to the Northern Territory, but will maintain a physical presence in Tasmania, where it employs a staff of 50.
The Northern Territory Racing Commission oversight of the company will come into force on September 20, according to local media reports, which estimated that the change will cost Tasmania around A$3 million a year in tax and fee revenue.
The NT licensing is substantially cheaper at around A$800,000, the reports indicate.