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 reports 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.
The Eels- Bulldogs season opener will be played on March 12.
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.
But the one-year deal, backdated to the start of the season, meant the NRL executive and bookmakers would have to return to the negotiating table before the start of the season.
Again, the parties are nowhere near finding common ground.
Wagering sources have said that most bookmakers are yet to sign up to the NRL’s new proposed fee structure, but most of those are still offering markets on pre-season matches such as the All-Stars game on the Gold Coast.
They claim the NRL’s new agreement would deliver the code an extra windfall in the millions per year should it be signed off.
Ladbrokes and Neds fined record amount
Two Australian bookmakers have been slapped with a record fine in New South Wales over illegal gambling advertising activities.
Casino News Daily reports that last week, New South Wales’ Liquor and Gaming authority has fined Ladbrokes Australia and Neds a record $207,500 for offering state residents inducements to gamble in a manner that breached local rules and regulations.
Both Ladbrokes and Neds are owned by gambling group GVC Holdings.
The six-figure fine the two brands were recently hit with is the largest ever issued by Liquor and Gaming New South Wales.
The New South Wales gambling watchdog found during an investigation that Ladbrokes and Neds released a number of gambling ads across a local television channel and social media site that offered bonus bets to bettors who opened new accounts with the operators.
One of the ads stated: “Deposit $50, get $250 in bonus bets.”
Under New South Wales gambling law, locally licensed sports betting operators are prohibited from publishing gambling advertisements that include inducements for bettors to participate or participate frequently in gambling activities.
Both Ladbrokes and Neds violated rules by offering bonus bets to new account holders.