Page 2667 - Week 09 - Thursday, 25 August 1994
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The instructions issued by the Minister will also cover the security of long-term wagers accepted by the bookmaker. Bookmakers will be required to hold, in trust, all bets accepted on events or contingencies where the outcome of the event is not known for a period exceeding 28 days.
The sports betting service will be provided from a betting auditorium. The preferred location of the betting auditorium is the Canberra Racecourse. The betting auditorium arrangement is similar to that at the Morphettville Racecourse at Adelaide. The auditorium will be equipped to ensure that all telephone calls are recorded and all facsimile transmissions are logged. Such arrangements will ensure that records are maintained properly and all revenue is forwarded to the Government. Sports betting bookmakers will be required to pay a rate of turnover tax, as determined by the Minister. The taxation rate will be set initially at 1.25 per cent, which is the same as the taxation rate applying to existing bookmakers.
The introduction of this legislation to provide for sports betting is not expected to draw support away from the traditional bookmaking and TAB services, nor from the casino and/or licensed clubs. Rather, I consider that a whole new audience will be attracted to the idea of having a flutter on the Canberra Raiders winning a game or the premiership or the Australian cricket team winning a limited-overs match, for example. Madam Speaker, in the debate on the Bookmakers (Amendment) Bill 1994, concerning the introduction of on-course telephone betting, the Deputy Leader of the Opposition called on this Government to develop legislation to allow bookmakers to accept bets on sporting events. I am pleased to say that this legislation goes much further than simply allowing bookmakers to accept bets on sporting events whilst fielding at a racecourse, and I sincerely hope that the members opposite heed Mr De Domenico's words when the Assembly debates these Bills.
The package of Bills that I present today provides the opportunity for the ACT to establish a sports betting framework that will allow for the establishment of a first-rate sports betting service to the citizens of Canberra and the region, which may encourage interstate operators to establish a presence in the ACT. Madam Speaker, the passage of this Bill, along with the two related Bills, will ensure that the service of sports betting, currently available in an unregulated and uncontrolled environment, will be conducted in a manner which will provide flexibility for the bookmakers and control for the Government. I would like to express my thanks to the good officers of the Parliamentary Counsel's Office and in particular to Nick Horn for his assistance in the development of this Bill and the two following Bills. Madam Speaker, I present an explanatory memorandum to the Bill.
Debate (on motion by Mr De Domenico) adjourned.
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