NSW Racing Industry to Reap $100 Million

The High Court has judged in favor of the New South Wales thoroughbred racing industry, compensating it with $100 million. The decision was to require all wagering bet operators to pay 1.5 percent of turnover to Racing NSW.

The High Court also gave a notice of dismissal to the appeal of corporate bookmakers Betfair and Sportsbet.

In the last few years, the racing industry has been collecting a percentage from on- and off-course betting operators, which is covered by state government race-field legislation.

Peter V’landys, racing NSW chief executive, expressed his delight with the decision, saying this can provide up to $50 million annually for the industry. He added that this is a victory for the industry and its participants.

John Messara, racing NSW chairman, also expressed his satisfaction with the decision. He, however, said it’s time to get off from the court battle and start moving on.

Sportsbet executive chairman Matthew Tripp said he was disappointed with the High Court’s decision. He insisted that he needs to protect its members and brace for the impact of the ruling. He vowed to work harder to provide better value.

The court battle stemmed from Sportsbet’s and Betfair’s preference to pay a percentage from the gross profits. Four years ago, they separately went to court.

Industry experts and watchers are keen in observing the next steps of Sportsbet and Betfair. It is also interesting to see how the ruling will play out and how it will affect the entire thoroughbred racing industry.

Tagged Betfair, gambling, High Court, NSW Racing, Sportsbet