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Pause and Reflection

Tasmania’s State Treasurer, Michael Aird, has received a lot of backlash this week from his plan to undercut the other Australian states and lure the vast majority of the online casino businesses to the island. Aird announced his plan to drop taxes on internet gambling companies and betting sites that were licensed and operating off of the island last week and it sent the other Aussie states into an uproar. The tax percentage legislation is the primary method that licensing jurisdictions use to entice new companies and create enough revenue to properly monitor and regulate the sites. Tasmania announced that it was dropping the tax and that companies would pay a one-time registration fee; the plan being that once the online casinos and gambling companies were operating on the island it would create more jobs and stimulate the Tasmanian economy.

Backlash for Aird’s plan started almost immediately and the Northern Territory in Australia announced that it was lowering the taxes on online casino betting companies currently operating in the N.T. in an effort to keep businesses from leaving for Tasmania. Other Australian states may be forced to introduce similar measures if there is a hope to mitigate the effect of Tasmania’s bold and controversial decision. With this new trend toward reciprocal legislation the net outcome of Tasmania’s decision is actually a huge benefit for the online casinos and internet gambling businesses and a loss of money to the Australian states. And it has really gotten Tasmania no further.

Aird’s plan is likely going to be a monumental failure because the other Australian states are not going to easily allow their lucrative licensed online casinos and betting companies to head to Australia. Tasmania has now merely lowered the standard in the country and ensured that internet gambling companies are making more money in the Australian market. And if the other Aussie states keep their gambling businesses, that means no new job stimulation for Tasmania. General consensus: Aird’s plan was a failure.