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Friday, January 06, 2006

Govt's projected Betfair returns 'dangerously high'. 07/01/2006. ABC News Online

Govt's projected Betfair returns 'dangerously high'. 07/01/2006. ABC News Online

Doubt has been raised by investment bank Morgan Stanley over the projected returns from the betting exchange Betfair.

The bank compiled the report after the Government legislated to license Betfair late last year.

The Morgan Stanley report claims Tasmanian Premier Paul Lennon has set dangerously high expectations of Government and racing industry returns from Betfair.

By 2010, Mr Lennon expects Betfair to secure 4 per cent of the market and be paying the state and its racing industry up to $50 million a year.

However, Morgan Stanley believes $25 million per annum is more likely based on expected growth in the industry and says Betfair will be lucky to gain even half the market it is banking on.

Betfair and PBL are due to start operating Australia's first online betting exchange from Tasmania this month.

The Premier and Racing Minister were unavailable for comment, but a spokesman from the Government says it is satisfied with the deal it has cut because the guarantees of revenue are ongoing.

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