Betfair Defeated in Australian Case

Horse racing body wins Federal Court ruling Based on the Federal Court ruling in Australia, online betting exchange Betfair is bound to subsidize Racing NSW. The New South Wales authorities previously ordered the levy, which they assessed as a "product fee based on gross revenue," so about AUD$120 million has been paid to the racing body until now, although held independently pending the outcome of Betfair litigation against the law. However, according to the Federal Court's decision, the law in this case stands, and Betfair knows its next step. It was stated by Betfair's Australasia CEO Andrew Twaits that his organization would consider its options, including leave to appeal to the High Court or presenting its case before the Australian Competition and Consumer Commission (ACCC). He also underlined that it was a good decision for Tabcorp which he claimed had been "running the case" anyway.