Those of us who believe that gambling has been a net loser for this state should welcome the introduction of UK gambling outfit BetFair. With their much lower margins and higher returns to punters, BetFair will drive down the profitability of Victorian gambling. Not only will this help wean our government off taxes, it will reduce incentives for collusion, lobbying, secret deals and other "rent-seeking" rife in the industry. Minister Pandazopolous' spurious arguments about the integrity of football matches and his churlish threats highlight just how captured by the big incumbents our politicians have become.
I'm more worried about "fixing" between politicians and industry groups than any horse race. By squeezing out profits, BetFair will increase the probity of this dubious duopoly.