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| Bill presented and read a first time. Mr STIRLING (Racing, Gaming and Licensing): Madam Speaker, I move that the bill be now read a second time. In 2002, I announced a number of changes affecting bookmakers including a reduction in the tax rates, the migration of Sportingbet.com Australia Pty Ltd to the Territory, and a proposal to the remove the restriction on bookmakers offering odds based on final totalisator dividends. A bill addressing the latter of these issues was introduced at that time, but was deferred by agreement in good faith pending the outcome of various negotiations to an agencies bookmakers in the industry. Although not all negotiations are yet concluded, it is an appropriate time to receive with our previously notified legislation. Currently, the Racing and Betting Act prohibits bookmakers from offering to pay winnings that are the equivalent to a based on totalisated dividend, but prohibition does not extend to dividends offered by the Northern Territory licensed totalisator, NT TAB. This provision dates back to 1989. It is difficult to understand its rationale, particularly in today's wagering environment, which is why the amendment bill was drafted. Since the original introduction of the amendment bill, the restrictions have not been enforcement; all sports bookmakers currently offer products based on totalisator dividends. There has been no adverse impact on integrity, and bookmakers' national and global competitiveness has been enhanced to the benefit of the Territory. As noted earlier, there appears little basis for the existing legislative restriction; its removal will legitimise current operations and continue to provide punters with greater flexibility and betting options consistent with National Competition Policy principals. Madam Speaker, I commend the Racing and Betting Amendment Bill 2006 to honourable members and table copies of the explanatory statement. Debate adjourned. |