Australian racing authorities are handling the perceived threat of betting exchanges very differently from the Hong Kong Jockey Club, judging by developments at key meetings with British-based exchange Betfair in Melbourne this week.
Just one week after the HKJC sent Betfair communications manager Mark Davies on his way with a blunt rebuff from a similar meeting, the ruling body of the successful Victorian racing industry has called the British organisation 'an opportunity rather than a problem.'
In fact Betfair - the largest on-line betting exchange company in the world - appears to have moved closer to gaining a foothold in Australia after 'amicable' talks with senior Australian racing officials on Tuesday.
Davies, met Australian Racing Board (ARB) chief executive Andrew Harding and Racing Victoria Ltd's chief executive, Neville Fielke, to discuss issues arising from Betfair's entry into the Australian wagering market last month.
While emphasising the ARB would be tackling the betting exchange issue for the entire racing industry, Fielke said the ARB and RVL believed betting exchanges presented an 'opportunity rather than a problem' for the industry.
It is understood that Davies outlined Betfair's desire to be licensed in Australia. At present, Betfair operates the on-line business from its British base, but when licensed here the company will pay tax on its earnings and also a data fee of about 10 per cent to the Australian racing industry for all off-shore winning bets.