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This is our Bookmakers news section where we provide any news items that might have a significant effect on the matches being played - or sports betting in general.

Bookmakers News :: The new tax will hit Australian licensed bookies with revenues over $1 million

Posted on 2018-05-15 by Gooner

The Victorian Government has announced it will set an 8 per cent Point of Consumption Tax on all betting and wagering from January 1, 2019.

South Australia has been imposing a 15% rate since June last year with WA and Queensland set to follow suit at that rate.

It leaves New South Wales as the last of the big states to confirm its position on point of consumption, with a decision expected before June’s state budget. Most experts expect New South Wales to follow Victoria with an 8 per cent model.

The tax will net Victoria a slice of the $1.2 billion spent on racing and sports wagering by Victorians every year. It is estimated it will raise $30 million a year.

The impact on punters will be significant, with the likelihood that much of the tax will be passed on to them through increased margins from bookmakers.

It may also effect existing income as last financial year, the online wagering industry directly employed around 1000 Victorians, paid $6 million in Victorian payroll tax and paid $80 million to the Victorian racing industry.

Sourced From : PUNTERS BIBLE

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