Tax Incentives for Sportsbetting in Victoria

The state of Victoria has decided to take action and entice more people to come to the state for sportsbetting purposes. The new action is to create new tax incentives to make the southern state the place everyone wants to visit when it comes to...

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The state of Victoria has decided to take action and entice more people to come to the state for sportsbetting purposes. The new action is to create new tax incentives to make the southern state the place everyone wants to visit when it comes to sportsbetting what ever the sport of interest.

The idea was tabled a while back but was not introduced until last week when Rob Hulls, the Minister for Racing and also the Deputy Premier put the legislation forward for approval. The legislation would allow TabCorp Holdings Limited who are the wagering licencee in Victoria to offer products that are more competitive than anywhere else.

Rob Hulls aurgument for the move is one that many will take notice of as it really does have credibility. The ideas and points he put forward included:

“Victoria’s racing industry is one of the best in the world and these reforms will help to ensure the industry continues to build on its strength and popularity, especially among those premium customers….The Victorian racing industry will benefit financially, both directly from an increase in premium customers, and indirectly, by providing a strong financial incentive for premium punters to visit and place bets in Victoria rather than in other states or territories.”

“Based on industry forecasts, the tax changes will draw more high-end punters to our state and is expected to increase the Victorian racing industry’s revenues by between $11.5 million and $21.1 million this financial year….These reforms will help stop the movement of betting customers out of Victoria to other betting jurisdictions,”

Although it has been confirmed that before the legislation can put approved the government would consult the racing authorities to ensure it works correctly, if it does go live it would mean the wagering licence holder being given tax concession which they will be required to pass straight onto the punters at sports events.

This is a great and welcome move for those into sports who visit Victoria.

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