Some of Australia’s best known business executives were present this week at Betfair’s official launch of its Australasian operations. The Hobart event, held on Wednesday, attracted PBL’s chief executive James Packer and Tasmanian Premier Paul Lennon

Betfair has just completed work on its Tasmanian exchange, which will be responsible for processing almost one million wagers each week from the firm’s site Betfair.com.au. The firm has been accepting bets from gambling fans based in New Zealand and Australia since February 7 but its new $10 million centre in Hobart will make processing these even easier, according to business affairs director Andrew Twaits.

“In six weeks we've had 100 percent up-time and we're now processing more bets today than transactions on the Australian stock exchange,” Twaits commented. “Many of our staunchest opponents in the early days are now embracing Betfair and working with us, which is really encouraging. It's an important fact that 30 percent of the punters who bet on Australian racing are from overseas, so we actually think we are bringing new money in to the racing industry here.”

Betfair’s move into Australia was not without controversy. The decision was widely debated amongst the established betting world with many in opposition. Several Australian states commented that they would not have exercized the Tasmanian government’s decision to award Betfair with a betting license. 

Betfair's supporters argued in favor of the decision, citing employment as a major reason for granting the firm its license. The firm’s initial move into Hobart created 75 new positions, however the firm has confirmed that it intends to expand its workforce to number 150 in total by the end of next year.

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