betr transitions to Tasmanian licence as state treasurer admits its regulatory system needs improvement
Australian sportsbook operator betr Entertainment is shifting its operations from the Northern Territory to Tasmania after securing a new licence in the island state.
The operator has secured a five-year gaming licence from the Tasmanian Liquor and Gaming Commission (TLGC), effective from today.
betr said the transition follows a multi-year evaluation of Australian regulatory frameworks and supports its objective of operating from a jurisdiction that aligns with its “long-term strategic, governance and responsible wagering priorities.”
Any wagers placed with betr prior to 7 July will be settled under the company’s existing Northern Territory licence, which will be surrendered following the transition.
From today, all wagering and account activity will be conducted under the Tasmania licence and regulated by the TLGC.
“We look forward to establishing our long-term presence in Tasmania, contributing to local employment and investment and working closely with all stakeholders to deliver a safe, responsible and sustainable wagering environment for our customers,” said betr CEO Andrew Menz. “We are grateful for the constructive engagement and professionalism of both the Tasmanian Liquor and Gaming Commission and the Northern Territory Racing and Wagering Commission throughout this process.”
As part of the transition, betr will establish its headquarters in Tasmania.
Tasmania Treasurer Eric Abetz said the 2030 Strong Plan for Tasmania’s Future is delivering greater business confidence and conditions.
“Tasmania has some of the strongest business confidence and conditions in the nation,” said the Treasurer. “This move by betr to set up its operational office in Tasmania was made possible because Tasmania is open for business. As a service, betr is already available to Tasmanians, but we will now reap the rewards of having local jobs.”
The Treasurer noted that a number of existing Tasmanian regulatory requirements “do not appropriately reflect” the technology, operating models and governance arrangements of modern online wagering businesses.
“Tasmania’s legislation must keep up with modern industries,” Abetz added. “We will refine Tasmania’s legislation to provide appropriate guardrails and modern systems. This is about delivering more jobs and a stronger economy for more Tasmanians.”
The announcement has raised concerns from veteran anti-gambling campaigner Andrew Wilkie, the independent member of the Australian House of Representatives for the Tasmanian electorate of Clark.
“Just when you thought the Northern Territory was the worst regulated jurisdiction in Australia and the perfect base for the online gambling companies, along comes the Tasmanian Government with the remarkable admission that ‘…existing Tasmanian regulatory requirements do not appropriately reflect the technology, operating models and governance arrangements of modern online wagering businesses.’” said Wilkie.
“Sure the Tasmanian Government says they’ll update the regulations, but I’ll believe that when I see it. And call me pedantic, but isn’t the right time to do that before you roll out the red carpet to a predatory industry? Good grief, you couldn’t make this stuff up. Time for a new number plate: Tasmania – the gambling predators’ state.”
Independent Member for Nelson, Meg Webb, said the licence granted to betr Entertainment risks Tasmania’s brand and warned that the industry clearly sees an opportunity to exploit the state’s weaker regulatory and taxation systems.
“By opening its door to a predatory online bookmaker such as Betr, the Rockliff Government has put at risk both Tasmania’s Brand and the welfare of our community,” said Webb. “If Tasmania’s regulatory and taxation system advantages this predatory and exploitative industry, then you can bet your last dollar it will not benefit the wellbeing of the Tasmanian community.”
Webb said any attempts to retrofit stringent regulatory guardrails is a case of building the door after the horse has bolted.
Shares in betr Entertainment Ltd. (ASX:BBT) gained 2.7 per cent to close at A$0.19 per share in Sydney Tuesday.