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BETFAIR LOSES AUSSIE RACING CASE
17th November, 2010 at 03:44:12
Federal court rules in favour of horse racing body
Online betting exchange Betfair
has suffered a setback in Australia following a Federal court ruling that the company should subsidise Racing NSW.
Characterised as a "product fee based on gross revenue", the New South Wales Government ordered the levy earlier this year and to date some A$120 million has been paid to the racing body although held independently pending the outcome of Betfair litigation against the law.
This week a Federal court ruled that the law would stand, presenting Betfair with a quandry on what to do next.
Betfair's Australasia ceo Andrew Twaits said his organisation would consider its options which include seeking leave to appeal to the High Court or putting its case to the Australian Competition and Consumer Commission (ACCC).
Twaits went on to point out that it was a good decision for Tabcorp which he claimed had been "running the case" anyway.
Related News Tags: Australia, Betfair
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