Betfair offers house price markets

by Ethan Anderson Last Updated
Betfair withdraws NRL offering amid standoff

A global betting exchange is getting innovative with many sports and racing markets across the world off the market.

9 News reports that a betting exchange is letting punters bet on how much the value of your property could plunge during a likely coronavirus recession.

Betfair opened up the markets last weekend, claiming “customer demands” had prompted it to offer betting on eight Australian cities.

Customers can now wager on quarterly positive and negative fluctuations in Sydney, Melbourne, Brisbane, Adelaide, Perth, Hobart, Darwin and Canberra.

The results will be confirmed by the Australian Bureau of Statistics quarterly.

Betfair and other gambling brands including Paddy Power, Ladbrokes and William Hill have all warned their earnings are set to take a big hit because of the shutdown of global sports.

While Australia’s biggest sports have temporarily ground to a halt, horse and dog racing has been allowed to continue here, albeit without crowds and with reduced fields.

However, in a sign change may be coming, Tasmania last week banned racing, following similar bans in Ireland and the United Kingdom.

In an effort to keep races going, Racing Australia last week submitted an extensive report to the national cabinet.

The report claimed racing contributed around $9.5 billion to the national economy, 51 per cent of it in regional Australia and that 4.2 million people attended a race meeting last year.

More than $18 billion was wagered on Australian thoroughbred racing in the 2016-17 season.

Over the weekend, 4.8 million UK viewers tuned into the watch a virtual Grand National race.

With the real thing cancelled because of coronavirus, the computer simulation captured the imagination in a special program broadcast on ITV.

It proved to be a virtual epic, with Potters Corner holding off the challenge of Walk In The Mill.

The race outcome was determined by computer algorithms and data including previous performance, age, weight and form.

The British public could place bets on the virtual horses, with bookmakers donating the profits to the NHS.

Betfair withdraws NRL offering amid standoff

Global wagering giant Betfair has abandoned its rugby league offering just a month out from the start of the season.

The Sydney Morning Herald reported in February that the agency is steering clear of rugby league wagering in protest over how much betting companies should pay in gambling taxes.

The betting exchange made the announcement on Wednesday night as the feud between Australia’s biggest wagering firms and the NRL took another twist.

Betfair will not offer its clients the chance to match bets for pre-season matches, including this weekend’s All-Stars fixture and other high-profile trials such as the South Sydney and St George Illawarra Charity Shield clash, until it strikes a deal with the NRL.

Betfair and other wagering firms have been at loggerheads with the NRL for months over how much the code should charge to allow betting on its matches.

The Herald revealed last month the NRL had proposed a super tax to be levied on bookmakers to offer markets on some of its highest profile matches such as State of Origin and the grand final.

Product fee model traditionally seen in racing

It is a product fee model often used by horse racing regulators who cash in on wagering on marquee race meetings during the autumn and spring carnivals.

But the NRL’s stance on product fees, which wagering insiders claim would see it become the highest taxed domestic sport, has infuriated the chiefs of Australia’s biggest betting companies who are still to strike a deal with League Central.

Tension between the parties is nothing new and the NRL was forced to roll over a temporary accord for several months last year when it couldn’t agree on a permanent fee structure before the beginning of the 2019 season.

It eventually settled on a tax model with bookmakers just before the opening State of Origin match in Brisbane.

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