The Victorian Liberal Nationals Coalition Plan For Racing

NATIONAL APPROACHA Liberal Nationals Coalition Government will:Immediately seek a meeting of all State and Territory Ministersresponsible for Racing to develop an agreed national approach tocontrol, tax and administer wagering and betting to deliver fairreturns to our racing codes, fair taxation dividends to states andterritories, fair returns to punters and to create a strong, viable,competitive wagering and betting environment for bookmakers,betting exchanges and totalisators.In recent years the so-called “exclusive” parimutuel licence (totalisator)currently operated in Victoria by Tabcorp has been undermined bycompetition from Darwin based corporate bookmakers and Betfair operatingfrom Tasmania.With the rise of internet and telephone betting these interstate bettingproviders have been able to attract punters by taking advantage of lower stateand territory taxation rates and the fact that they make little or no contributionto the funding of the Victorian racing product upon which many of their betsare made.Recent legislative changes in Victoria to allow open advertising of bettingproducts have increased this open competitive environment.Under the current regime Tabcorp estimates the funding loss to Victoria dueto inaction by Racing Minister Hulls to be $18.9 million per year in state taxesand $45 million per year to our racing industries.Tabcorp predicts these losses will continue to increase significantly unlessstrong action is taken.This new, much more competitive environment creates very real challengesfor potential bidders and the successful operator of the Victorian wagering andbetting licence.10