Betfair Australia has confirmed it will be moving its operations to the Northern Territory, the NT News reports.
Betfair, which plans to make the move on September 20, it currently operating from Tasmania. The betting exchange decided to make the move after the Northern Territory Parliament amended legislation to allow for betting exchanges in April.
There are currently 13 corporate bookmakers licensed in the state, paying a collective A$4.8 million ($3.6 million) in gaming taxes last financial year. Betfair is tipped to pay around A$805,000 in annual tax and license fees.
In April, Former Racing Minister Peter Styles said the state’s tax and fee structure was an “attractive lure” for operators, adding its regulatory structure allowed for a “quicker response to operational issues than the Tasmanian regulator”.
The move is said to cost Tasmania up to $3 million a year in state revenue.
However, a spokesman for the exchange said it would still maintain a presence in the state.