Betfair, the betting exchange operator, has struck a deal with Tote Tasmania to distribute the group's betting products to Betfair's international client base.
Under the agreement, Betfair will receive an undisclosed share of revenue for acting as Tote Tasmania's agent, while Craig Coleman, Tote Tasmania's chief executive, estimated the deal could add "tens of millions of dollars" to its turnover, annually.
Mr. Coleman added that Betfair will market Australian racing to more than a million registered customers in the United Kingdom.
"It's a logical next step for the national racing industry to offer racing to a new set of international clients," Mr. Coleman told The Australian.
Andrew Twaits, Betfair Australia's director of business and corporate affairs, told Sydney Morning Herald that the deal will also benefit Tasmanian racing, as a portion of every wager will return to the racing industry by way of the SuperTAB pool operated by Tabcorp, the Victoria-based betting operator.
Indeed, the Tasmanian racing industry is expected to receive annual revenue of A$10 million, or $9.3 million -- a proposition lauded by Michael Aird, Tasmania's treasurer, as "win-win" for Tasmanian racing and Betfair.
Mr. Twaits said the new offering is expected to launch at the end of May.
Betfair could not be reached for comment.
An Australian High Court ruling last month put an end to a ban on betting exchanges in Western Australia and enabled West Australian residents -- as well as residents of every Australian state and territory -- to legally use Betfair's services.
All Australian jurisdictions besides Queensland and Tasmania, however, ban the advertising of betting exchanges.
Betfair resumed operations in Western Australia on Saturday.