Commitment To Racing and Sport
Racing
Betfair is a strong supporter of racing and pays taxes and product fees in Tasmania as well as to other states where race fields legislation applies.
Betfair supports the principles behind the new Race Fields funding model provided that the fees are fair and equitable to all wagering operators. It's an arrangement that allows the racing industries in each state to properly reap the rewards of their products.
Traditionally, licensed wagering operators in Australia covered racing throughout the country but only paid product fees and taxes to the States where they were licensed. That funding model originated with the advent of the state-based TABs and was widely referred to as
the 'Gentleman's Agreement'. In effect, each jurisdiction permitted wagering operators to accept bets on each other's racing without the requirement to pay product fees.
Betfair has been at the forefront of calls to rid the industry of the Gentleman's Agreement and replace it with a more equitable model that is better placed to sustain racing into the future.
Commitment to sport
Betfair believes all wagering operators should pay for the products they bet on, and as such, we have led the industry by voluntarily entering into Product Fee agreements with all of the major professional sporting bodies in Australia. They include the AFL, NRL, ARU, FFA, Tennis Australia, Cricket Australia and the PGA Tour of Australasia. Through these arrangements, Betfair has agreed to provide the sporting bodies with a percentage of revenue generated from betting on their sports.