New Betfair licence in Australia

[Shamrock]

Change to Betfair T&C on the Australian Wallet.

The Tasmanian Gaming Commission has granted Betfair Pty Ltd race wagering and sports betting endorsements to be added to its Tasmanian Gaming Licence, allowing it to conduct fixed odds betting on racing and sporting events. Accordingly, we have made some amendments to our Terms and Conditions. They key changes include:

- All wagers placed using these products will be placed directly with Betfair Pty Ltd as opposed to with any other agency (i.e. Sports Alive).

- All wagers placed using these products will be determined in accordance with the rules that are displayed at the point of market publication.

- Betfair Pty Ltd may offset risk that it has taken in accepting wagers, by placing bets directly into the betting exchange. Betfair Pty Ltd will be afforded no priority in the bet matching process, will pay commission at standard rates.

[mugsgame]

The XM bot strikes in Aus. Oh dear

[blueport]

Does this mean that Betfair have not been active in these markets previously?

How is this likely to affect the lower liquidity markets in Oz?

[Euler]

Looks on the terms like they say they are just going to be taking bets themselves?

[Euler]

On 'certain products', so this looks like preparation for the sports book product.

[CaerMyrddin]

The XM bot strikes in Aus. Oh dear

Hi mugsgame, I wasn't trading in the weekend, something unusual happened? Thanks.

[mugsgame]

They have not been able to XM bets in Aus due to their licence.
Whatever this means in respect of a sportsbook it also opens up the possibility of XM.

[CaerMyrddin]

Yes, in fact it does, thank you.

[Photon]

I don't get the sense that Betfair really knows what it wants to achieve and how they're going achieve it by offering sportsbook even in the UK let alone Aus. Offering sportsbook, so in effect becoming a bookie is completely a different discipline to providing an exchange platform which they have been successful up to now. I think they getting mixed up between seeding market at break-even level and actually making money from offering a book. And this is likely to lead to Betfair taking more risk than they seem to realise. I don't think we have much to fear and actually looking forward to seeing the impact in the exchange as they're stating that it will be the exchange where they will look to offset their exposure with.

[Euler]

The almost completely screwed up the high roller business by all accounts, so lets hope they don't repeat that on a mass scale.

[andyfuller]

Can you expand on what you have heard Peter, would be interested to hear.

The idea behind the sports book is to offer a one stop shop for all your betting needs....