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Bookmakers

Bookmakers

The wagering industry in Australia operates within a challenging and complex regulatory and taxation environment, predominantly regulated on a State and Territory basis.

Whilst the State and Territory based TABs hold monopolistic licences giving them retail exclusivity, there are no restrictions in relation to other types of bookmaker licences available offering fixed odds betting, comprising:

  • sports bookmaking licences issued in the Northern Territory (NT) to “corporate bookmakers”; and
  • on course bookmaking licences issued by the relevant principle racing authority (which may include authorisation to operate over the telephone and the internet).

Markets offered by bookmakers include:

  • Racing - thoroughbred, greyhound and harness;
  • Sporting events - such as AFL, NRL, NBL and esports tournaments;
  • Entertainment and novelty betting; and
  • Fantasy sports betting.

There are strategic legal and commercial issues which need to be weighed-up when considering applying for one type of bookmaking licence over another, including the relevant applicable legislation, proposed markets to be offered, staff location, and capex requirements. Senet advises new and existing bookmakers on a range of issues covering, amongst other things, licensing related requirements and operations (including anti-money laundering and counter-terrorism financing, advertising and marketing and regulatory approvals and investigations).