Speaking last week, Australia's Racing and Gaming Minister Nick Griffiths said that the Government would support the Western Australian authorities in their bid to prevent offshore betting on Australian racing.
Many of the country's bookmakers have established branches in the nearby low tax jurisdiction of Vanuatu, which accept bets from Australian punters on races taking place in Australia. This arrangement, which allows bookmakers to avoid Australia's higher levels of taxation, has greatly benefitted the offshore haven in the past, but there looks to have been a sea-change on the issue.
Speaking on Wednesday, Mr Griffiths said that the racing industry needs protection from the current situation, whereby 10% of all betting turnover goes to offshore operators. He revealed that the practise costs the sector around $345 million per year, and noted that there is now 'widespread concern' over the issue.
The new law being pushed by the Western Australian authorities would prohibit residents from betting on an Australian event with an operator not licensed in Australia. It would also make it an offense to advertise, or otherwise support an offshore betting service from within Western Australia.
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