ANTIPODEAN BETFAIR OPERATIONALLY INDEPENDENT

680) (11-October-2006)

Official launch of $10 million Australian and New Zealand operation

The world's biggest betting exchange, Betfair officially launched its Australian and New Zealand operations today (Wednesday). Tasmanian Premier Paul Lennon and James Packer , chief executive with PBL which jointly owns the company along with Betfair UK, attended the official launch in Hobart.

The exchange has been taking Aussie and Kiwi bets since February 7 but only started processing bets through its new Tasmanian exchange six weeks ago after the roll-out of $10 million in infrastructure. Almost one million bets are now being placed every week through the website Betfair.com.au and processed through Hobart.

"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," Betfair corporate and business affairs director Andrew Twaits revealed.

Betfair's establishment in Australia was controversial, with the established betting agencies and many in the racing industry opposing the move. The Tasmanian Government also went against the advice of other Labour party states by granting Betfair the license it needed to operate.

"Many of our staunchest opponents in the early days are now embracing Betfair and working with us, which is really encouraging," Twaits said. "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."