FYI- Some interesting tidbits about Canbet.
SECTION: A; Pg. 11
LENGTH: 359 words
HEADLINE: Canbet to go offshore, taking 32 jobs, $2m
BYLINE: PETER CLACK,
BODY:
Business Writer A Canberra-based online sports betting agency that will turn over $600 million this financial year has carried out its threat to move to Britain because of Australia's oppressive federal legislation.
Canbet Ltd, founded in Canberra by well-known media figure Richard Farmer, is to close its operations by mid-April, delivering a death blow to the ACT's online sports betting industry. It will cost 32 jobs and up to $2 million a year in taxation revenue for the ACT Government.
Business Minister Ted Quinlan said last night that the ACT Labor Government was disappointed to see Canbet leave the ACT.
'However, contrary to what some might say, we don't want the ACT to become reliant on gambling revenue,' Mr Quinlan said.
Canbet's general manager, Paul Miller, said the regulatory environment in Britain was more 'gaming friendly'.
The Federal Government through Communications Minister Richard Alston moved in 2001 to ban online gambling outright. Its legislation was watered down in the Senate, but it still contained million-dollar fines for corporate breaches and $200,000 fines for breaches by individual directors.
Other reasons for Canbet's move include the maturing and consolidation of the industry in Britain, which had become the world's foremost gaming jurisdiction, and the growth of betting on soccer.
The relocation would improve the value of the company and give closer time-lines with New York with only a five-hour difference.
About 70 per cent of Canbet's wagering 'handle' was from the United States. Canbet was given a British licence on January 18 to set up a wholely owned subsidiary company, Canbet Sports Bookmakers UK Ltd, and had bought premises at a technology park in Fareham, Hampshire.
Canbet will retain its betting licence in the ACT, keep its head office open and stay listed on the Australian Stock Exchange. Its key directors are chairman, David De Campo, executive director Michael Tomeny, Leo Respinger, Evan Davies and Alistair Ryan. Mr Ryan is general manager of the New Zealand gaming company Sky City Ltd, which has a 25 per cent holding in Canbet.
SECTION: A; Pg. 11
LENGTH: 359 words
HEADLINE: Canbet to go offshore, taking 32 jobs, $2m
BYLINE: PETER CLACK,
BODY:
Business Writer A Canberra-based online sports betting agency that will turn over $600 million this financial year has carried out its threat to move to Britain because of Australia's oppressive federal legislation.
Canbet Ltd, founded in Canberra by well-known media figure Richard Farmer, is to close its operations by mid-April, delivering a death blow to the ACT's online sports betting industry. It will cost 32 jobs and up to $2 million a year in taxation revenue for the ACT Government.
Business Minister Ted Quinlan said last night that the ACT Labor Government was disappointed to see Canbet leave the ACT.
'However, contrary to what some might say, we don't want the ACT to become reliant on gambling revenue,' Mr Quinlan said.
Canbet's general manager, Paul Miller, said the regulatory environment in Britain was more 'gaming friendly'.
The Federal Government through Communications Minister Richard Alston moved in 2001 to ban online gambling outright. Its legislation was watered down in the Senate, but it still contained million-dollar fines for corporate breaches and $200,000 fines for breaches by individual directors.
Other reasons for Canbet's move include the maturing and consolidation of the industry in Britain, which had become the world's foremost gaming jurisdiction, and the growth of betting on soccer.
The relocation would improve the value of the company and give closer time-lines with New York with only a five-hour difference.
About 70 per cent of Canbet's wagering 'handle' was from the United States. Canbet was given a British licence on January 18 to set up a wholely owned subsidiary company, Canbet Sports Bookmakers UK Ltd, and had bought premises at a technology park in Fareham, Hampshire.
Canbet will retain its betting licence in the ACT, keep its head office open and stay listed on the Australian Stock Exchange. Its key directors are chairman, David De Campo, executive director Michael Tomeny, Leo Respinger, Evan Davies and Alistair Ryan. Mr Ryan is general manager of the New Zealand gaming company Sky City Ltd, which has a 25 per cent holding in Canbet.
