While some online gambling companies in Australia have been sent reeling with the news that a 12-month moratorium on online passed the senate, one operator in the island continent is busy promoting its expanded services.
TAB Limited, which operates the TAB wagering site in New South Wales is introducing fixed-odds betting on its site. The agency is able to promote the service due in large part to the passing of the moratorium bill, which gained passage in the Senate with amendments that exempted TABs (totalisator agency boards).
Now TAB Limited is expanding its service to include the fixed odds option starting in February 2001, according to a published report in the Sydney Morning Herald this week. The added options still have to get the seal of approval from the Department of Gaming and Racing. Fixed-odds betting would be offered on such high-profile Aussie races as the Melbourne Cup, Caufield Cup and the Golden Slipper.
TAB Ltd, officials are confident the expansion of the site will go through, but they are remaining tight-lipped to assure smooth acceptance.
"The product rules haven't been set yet. They are still in the process of being drawn up and until that time there will be no developments," TAB Ltd public affairs manager Peter Fletcher said in the published
report. "We're in the final stages of approval with the Minister [Richard Face] and are reluctant to make any further comment at this stage."
Leading Sydney bookmaker John Kennedy said there was a touch of irony in the TAB plan. "We went to decimal betting for the first time last Saturday and now the TAB want to turn to bookmaking on racing," he said. Kennedy was concerned that a fixed-odds service from the TAB would impact heavily on bookmakers who bet on events pre-post.
"Definitely it would have an effect. The TAB has a large presence, they are situated everywhere," he said. "Most of all, they are convenient. It's nice and easy to walk into a TAB and have a bet"
Fixed-odds racing betting would be similar to the TAB's sports betting operation. With no guaranteed percentage when a bet is taken. In essence the TAB can lose, which has been the main stumbling block in
the past when it has tried to gain approval to offer fixed-odds betting. There is also a turnover tax to be paid by the TAB, regardless of whether a bet wins or loses.
TABcorp in Victoria has sparingly conducted fixed-odds betting on feature racing, but the New Zealand TAB has it as a regular service.
The moratorium will be effective until May 2001. During its final six months, the government will reportedly study whether a ban is feasible.