Why?
For people (like me) who predominately trade on sport, there are some decent opportunities in Australia, especially AFL and NRL.
However, I rarely trade on them these days because I can't be arsed to go to BF, transfer money into another wallet, then open up a 2nd BA window etc
You don't have any restrictions when betting on Aussie markets with bookies. If the Australian Government decided to ban Betfair, it wouldn't stop them offering markets on Aussie events for everybody else in the world.
So, If a BF customer has a UK bank account with a UK address, and a UK IP address, why do we have to suffer these ridiculous restrictions?
Australian Wallets
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rubysglory
- Posts: 309
- Joined: Thu Nov 04, 2010 7:02 am
(1) Betfair's license agreement with Tasmanian government required that for wagers held on Australian events the money was held within Australia. I understood this was done primarily two reasons (a) To protect Australian residensts funds from events beyond reach of Australian laws - banckrupty, mal practice, outise govenment intervention etc (like the FBI with PokerStars) and also (b) For anti-corruption measures where money could be traced in event of suspect wagering activities, money laundering etc.
(2) As an Australian resident I must produce ID verification, which is a combination of bank accounts, passports, utility bills etc (locally this is called the 100 points ID process) if I was to open an account with an Australian online betting agency - bookie or totalisator. The reason is as stated (b) above. This is not the case with on-course bookies or on-course tote and was a major selling point in Betfair's gaining a license in Australia. It is inferred that an with an on-course 'cash only' bookie or tote it is much easier to 'launder' due to the anonymous nature of transaction. With Betfair, there is greater transparency.
Of note however, every time an Australian resident places a wager on an event outide of Australia, they too must transfer funds between wallets. I therefore understand your angst, but as an Australian resident I actually find comfort in most of the local restrictions (other than not being allowed to bet in-play over the internet on sports events)and the effect it has had on creating a cleaner image for the event in question - football, racing etc.
rg
(2) As an Australian resident I must produce ID verification, which is a combination of bank accounts, passports, utility bills etc (locally this is called the 100 points ID process) if I was to open an account with an Australian online betting agency - bookie or totalisator. The reason is as stated (b) above. This is not the case with on-course bookies or on-course tote and was a major selling point in Betfair's gaining a license in Australia. It is inferred that an with an on-course 'cash only' bookie or tote it is much easier to 'launder' due to the anonymous nature of transaction. With Betfair, there is greater transparency.
Of note however, every time an Australian resident places a wager on an event outide of Australia, they too must transfer funds between wallets. I therefore understand your angst, but as an Australian resident I actually find comfort in most of the local restrictions (other than not being allowed to bet in-play over the internet on sports events)and the effect it has had on creating a cleaner image for the event in question - football, racing etc.
rg
Hito75ne wrote:rubysglory just out of curiosity. why does the aussie government not allow australian punters to bet inplay?
seems illogical to me. why the different stance?
They do allow in-play on some of the Metro races
If you look here:-
http://in-running.betfair.com.au/
..and then look in the bottom right..it has a list of events
Regards
Peter
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rubysglory
- Posts: 309
- Joined: Thu Nov 04, 2010 7:02 am
As a resident, 'online' In-Play betting is only available on events classed as 'Racing'. It is not available on events classed as 'Sports'. This came about due to the Federal Government's 'Interactive Gambling Act'. Effectively this parliamentary bill was passed with the aim of preventing the detrimental affects of online gambling upon the Australian population. In short, Racing (Horse & Greyhounds) is not censored by the Gaming Act. Sports - Football, Golf etc are. This means 'online' Sports wagering is legal as long as the betting occurs prior to the sporting event starting – so the individual is not gambling ‘interactively'. To place an In-Play bet on a 'Sport' the bet must be placed over the telephone - which is not 'interactive' . Hope this helps.
rg
rg