AAP are reporting the following.

Betfair Granted Tasmanian Licence
Thursday, 3 November 2005:

The Tasmanian Government has approved a deal to licence the British online betting agency Betfair.

The deal was announced in Hobart this morning by Tasmanian Premier Paul Lennon, who said Betfair's operations would be subject to a strict regulatory regime.

The announcement ends eight months of speculation about the 50-50 joint venture between Betfair and Kerry Packer's Publishing and Broadcasting Limited (PBL).

The UK-based betting exchange has operated on Australian racing for three years, but an Australian licence will allow the company to advertise and promote its business.

It will also allow it to establish a second global hub in Hobart, an investment expected to create about 150 jobs.

The deal has met strong opposition within racing circles, with Tabcorp threatening to lock Tasmania out of the national betting pool and Victoria legislating against the betting exchange.

The Tasmanian racing industry has vowed to take its fight to the state's Upper House in a last ditch bid to stop the licence being launched.

However, only three of the state's 10 MLCs need to support the Betfair Bill, which Mr Lennon will introduce to Parliament next week.

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