Paddy Power Betfair ups bet in Australia
The gambling group plans to pump £10 million of marketing revenue into Sportsbet Australia to establish the brand.
Australia.- Paddy Power Betfair is looking forward to taking over the Australian market as it plans to pump an additional £10 million of marketing revenue into Sportsbet Australia while the competition “is distracted.”
Peter Jackson, CEO, said: “In Australia, we see an opportunity to compete more aggressively. We want to push hard in that market. We have got a great business and we think there is a lot we can take advantage of whilst our competitors are distracted.”
According to Mr Jackson, the Tabcorp and Tatts merger and CrownBet’s process to acquire the Australian division of William Hill is a distraction and Paddy Power Betfair wants to take advantage of it. In addition to a potential revenue increase in the near future, the company’s CEO explained that Paddy Power Betfair is ready to pursue opportunities for “bolt-on” acquisitions if the price is right.
Australian operators are facing a new tax scenario as new state-based digital wagering taxes are ready to be set on online bookmakers. In addition, the “point-of-consumption” tax has already been set in South Australia at 15 per cent and is ready to be adopted by Western Australia and Queensland, with NSW and Victoria to follow in the future.
