New Paddy Power boss targets Aus in-play changes
Andy McCue calls the current ban on online operators offering in-play betting "something of an oddity"
The newly-appointed CEO designate of Paddy Power, which owns Australian online bookmaker Sportsbet, will be backing lobbying efforts for changes to online gaming law ahead of two major sporting events taking place Down Under next year.
Andy McCue (pictured), who will replace outgoing CEO Patrick Kennedy at the Irish bookmaker on 1 January, said Australia was falling behind progressive regulatory regimes and highlighted the ban on online operators offering in-play wagering.
“One of the clear observations from the Australian market is you can’t bet in-play digitally, which is something of an oddity,” he told The Australian Financial Review Weekend.
Online in-play wagering is banned in Australia, including on smartphones, but punters can place in-play bets over the phone or in person at a retail outlet. A 2013 review of the Interactive Gambling Act recommended that in-play be allowed, but progress stalled after a change in government.
However with two major sporting events taking place in Australia next year – the Cricket World Cup and the AFC Asian Cup – Sportsbet boss Cormac Barry has also spoken out in favour of the move, saying he expected the issue would become a priority for politicians.
Barry raised concerns about black market operators, who take over AUS$1bn of bets each year. “The risks to integrity are really driven by [the] offshore betting market,” Barry told the Sydney Morning Herald. “There is increasing awareness that the Interactive Gambling Act is outdated and needs to be updated,” he added.
Online gambling is a federal issue in Australia, but like in the US, each state has its own online wagering regime, making policy changes complex. Barry said that if the law was to change it would require a push from the federal government, and not just states and territories.
“The internet doesn’t recognise borders,” he said.
In its H1 2014 financial results Paddy Power revealed that Sportsbet had posted strong growth during the period with net revenue increasing 32% to 98.6m leading to a 57% increase in operating profit to 21.8m.