Pallas said the tax would come into effect on 1 January next year and increase about A$30 million in revenue, with most of the profits to be funnelled into Victoria’s hospitals and charities fund. About 1.5 percent will go to the racing industry to “make good’’ on losses from present structures.
The decision triggered disappointment out of the anti-gambling activists, who said the rate was too low, and Stephen Conroy, the executive manager of industry trade association Responsible Wagering Australia, that maintained it was unfairly high and would have major negative and far-reaching effects for Victoria.
Pallas reported the government’s decision followed broad consultation with interested parties and organisations.
The tax may also apply to Tabcorp, raising the rate of taxation for the Victorian wagering and betting licensee from six to eight per cent.
Pallas said the onus would be on bookmakers to correctly announce each month their net revenue from bets taken over the state.
