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Shot Itself in the Foot

All of the controversy surrounding the Tasmanian’s government’s attempt to steal all of the online casino gambling and betting businesses in Australia could very well have more negative repercussions for the state than positive benefits. Now that Tazzy announced that it was cutting taxes on the revenues of internet betting companies as a way to lure businesses onto the island the other Australian states have responded to the effort by beginning to match and undercut Tasmania’s effort. The other Australian states generally feel that Michael Aird, Tasmanian’s State Treasurer, greatly decreased the long-term value of the internet gambling industry in the country with his one-time-fee legislation. And although this has generated a lot of controversy and the other Aussie states are certainly not sending goodwill toward Tassie, the potential loss of Betfair could be the biggest snafu for Aird.

Betfair has reacted strongly against Aird’s plan to drop taxes from the online casino betting companies because the particulars of the legislation would not provide dispensations for Betfair’s exchange betting business. That means that Betfair would be paying much more than any other online casino betting and gambling business operating on the island. Aird’s plan would have allowed newly licensed betting sites to pay just the registration fee – Betfair though would continue to pay the hefty tax premiums. In response to this unjust legislative change Betfair has threatened to leave Tasmania for greener pastures.

Aird surely did not anticipate that his plan would be met with quite so much controversy and backlash – but is it any wonder. The essential key to Aird’s plan was undercutting other Aussie states and essentially stealing all of the most lucrative businesses in the country – not the best policy for creating goodwill.