Tabcorp urges crackdown on unregulated bookies
Chairman Paula Dwyer says operator is working with the Australian Government to tackle "concerning" offshore market
Tabcorp has called on the Australian government to initiate a crackdown on unlicensed foreign gambling operators taking bets from Australian residents.
Speaking to shareholders yesterday at the company’s annual general meeting (AGM) in Sydney, chairman Paula Dwyer said it was “concerning” that an estimated 14% of sport and racing wagers were being placed with offshore operators.
In its investor day presentation last week, Paddy Power-owned Sportsbet estimated the offshore wagering market to be worth AU$340m a year.
Dwyer argued that it was in the best interest of consumers, taxpayers and sporting codes that all betting companies operating in the market were subject to the same licensing obligations.
“Jurisdictions such as France have addressed the issue by prohibiting unlicensed offshore operators from taking bets from French residents [and] such changes are also being put in place in the United Kingdom this week,” she said.
“Tabcorp’s view is that a similarly powerful response is needed in Australia, and we are in active dialogue with the federal government on this issue,” Dwyer added.
Tabcorp is the country’s largest bookmaker with around 78% of the overall sportsbook market including retail, and 37% of the online market.
It recently reported a 21% year-on-year increase in Q1 digital turnover following a strong World Cup performance and continued growth in mobile.
The Melbourne-based firm recorded total digital turnover of $796.3m (£435m) for the three-month period ended 30 September with mobile devices accounting for 62% of the total, compared to 54% for the full-year 2014.
Chief executive David Attenborough said at the AGM yesterday he was pleased with the company’s start to the new financial year.
“We have started the 2015 financial year well, with group revenues in the first quarter of $537.4m, up 6.6% on the prior corresponding period,” he said.
“We’re now looking forward to a successful Spring Racing Carnival and an exciting Melbourne Cup week, beginning with Derby Day this Saturday,” Attenborough added.