Each-way Abetz – Tassie treasurer forecasts wagering law changes as betr’s move makes waves

The Tasmanian government will look to push through changes to its gaming and wagering laws, admitting it needs to modernise its approach after betr’s switch to a Tasmanian licence.

Betr confirmed on Monday it would immediately transition to a Tasmanian licence, opting out of the Northern Territory in a significant regulatory shift in the Australian wagering landscape.

The Straight understands that Treasurer Eric Abetz has played a key role in negotiations for betr to move to Tasmania. The final review of the application for a Tasmanian Gaming Licence was held by the Tasmanian Liquor and Gaming Commission, chaired by Jenny Cranston.

Abetz released a statement on Tuesday, praising the significance of betr’s move as a measure of business confidence in the island state, although he did not detail what the net benefit would be in terms of jobs nor the possible state revenue implications

“Tasmania has some of the strongest business confidence and conditions in the nation,” the Treasurer said.

​”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.”

Betr employs around 130 people nationally in offices in Melbourne, Sydney and Darwin. It has yet to indicate how many jobs will be set up at its new Hobart base.

The full benefit of betr’s five-year licence for both its own business and the Tasmanian economy may not be understood until further reforms are made to the Gaming Control Act.

Abetz admitted that changes need to be made to the Act, passed in 1993, to “appropriately reflect the technology, operating models and governance arrangements of modern online wagering businesses”.’

“Tasmania’s legislation must keep up with modern industries,” the treasurer said.

“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 fact that changes will need to go before parliament may complicate their path, given the Liberal government, led by Premier Jeremy Rockliff, lacks a majority in both houses.

Tasmania has a cohort of Greens and independent members who have staunch anti-gambling stances and have been pressuring the government on a host of other harm minimisation initiatives.

What is clear is that betr’s move to Tasmania was driven by its need for a better regulatory environment, not by a desire to target more Tasmanian punters.

The state’s small footprint – it has only 2 per cent of Australia’s population – means that there is little commercial upside for a bookmaker trying to dominate the Tasmanian market.

That, combined with the fact that Tasmania has the lowest spending on wagering (as opposed to gambling) per capita of any state or territory, and the lowest Point of Consumption Tax revenue of any state or territory, may be used to counter any arguments that betr’s licence will negatively impact the Tasmanian community.

In terms of other benefits to the state, it is possible the government could utilise any additional revenue collected to help subsidise the local racing industry, which has a 20-year funding deed expiring in June 2029.

In terms of wagering presence in Tasmania, Ladbrokes holds the sponsorship rights with Tasracing until 2029, after a five-year deal signed in mid-2024.  

The only other wagering provider licensed under the Tasmanian system, besides betr, is UBET Tas Pty Ltd, which is owned by Tabcorp and operates Tabcorp services under a state licence.

While it has a licence to operate in Tasmania for 50 years, with a further 49-year option, Tabcorp’s 15-year parimutuel exclusivity runs out in March next year.

It is expected Tabcorp will renew that deal, but given there is unlikely to be any competition for the licence, it is in no rush to finalise those discussions.

While betr’s move may prompt consideration from the other 50-odd bookmakers registered in the Northern Territory, it is understood that the Rockliff government wants to retain a cap on the number of Tasmanian licences it offers.