Most of Australia’s corporate wagering providers will be governed by a new legal framework after the Northern Territory parliament passed the Racing and Wagering Act 2024.
The new Act, passed last Thursday, will replace the Racing and Betting Act 1983. It will come in from July 1, with Northern Territory Chief Minister Eva Lawler saying it will “provide a robust regulatory framework for one of Australia’s fastest-growing industries - the online wagering industry.”
Overall, 26 corporate bookmakers/betting exchanges are licensed in the Northern Territory, which has become the centre of the industry in Australia, with those businesses responsible for $50 billion in wagering turnover a year.
The Territory has become the centre of the corporate wagering revolution with its lower taxation structure proving attractive for major business, including Bet 365, Sportsbet and Entain, to assume licences, the majority of which are located in Darwin.
Through various licensing fees, taxes and contribution, the Northern Territory parliament heard that the industry was worth about $130 million to the Northern Territory each year. About 600 people are directly employed in racing and wagering businesses in the NT.
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