bet365 Applies for Territory LicensePublished May 19, 2011
UK online betting company sees great potential in Australian gambling market.
bet365 is the process of applying for a license in the Northern Territory, its joint CEO has revealed in an interview with eGaming Review, which if successful would be its first sports betting license outside the UK."In the process of applying"
Denise Coates, who is also a founder of the online gambling giant, confirmed to the gaming website that the company is "in the process of applying" for the license, and that once submitted the territory's regulatory authorities will consider it and bet365 will be in a position to comment further.Lucrative Aussie Gambling Market
We all know well how lucrative the Australian market is for big sports books. The local online sports betting market has seen double-digit annual revenue growth since interstate advertising restrictions were removed in late 2008. However, the online sector is still somewhat restricted, which would change in the event that bet365 received approval.
bet365 is not the only foreign operator to have grabbed a foothold in the local market. Irish sports book Paddy Power controls around 20% of the Australian sports betting market after its takeover of Sportbet. Meanwhile, Sportingbet is also looking to expand through its purchase of Centrebet, and Betfair also functions in Australia through James Packers PBL.