TABCORP: Unlicensed Offshore Betting Is Sucking Up 14% Of Australia's Gambling Dollars

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Unregulated offshore betting shops are attracting about 14% of the gambling dollar from Australia, according to Tabcorp chairman Paula Dwyer.

Australians are estimated to spend more than $20 billion a year on gambling.

“Because unlicensed offshore operators are not regulated to Australian standards, there are significant risks to consumers in terms of inadequate protection, as well as to the integrity of sport and racing,” Dwyer told the company’s AGM.

“Revenue that would otherwise be returned to the Australian racing industry, and our governments for investment into communities and social infrastructure, is instead going to unlicensed offshore operators.”

Jurisdictions such as France have prohibited unlicensed offshore operators from taking bets from French residents. Similar changes are being made in the UK this week.

“Tabcorp’s view is that a similarly powerful response is needed in Australia,” Dywer says.

The company is in talks with the Federal Government on the issue.

Revenues were up 6.6% to $537.4 million in the first quarter of the 2015 financial.

Tabcorp posted a net profit after tax of $129.9 million for the 2014 financial year, up 2.6%.

The full year dividend is a fully franked 16 cents.

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