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Australia's Island State Takes Hold of Internet Gambling

Under new legislation introduced to State Parliament, the Tasmanian Gaming Commission will be able to issue licenses for virtual casinos for telephone and Internet sports betting and fixed odds wagering.

Tattersall's is expected to be the island State's first online operator.

If the legislation becomes law, the Gaming Commission will issue five-year licenses with a tax of 0.5 percent on sports betting turnover and one percent on fixed odds turnover. (Turnover is called handle in North America; it means the total amount wagered.)

Virtual casino operators will pay 25 percent of gross annual profit under A$30 million (US$19.05 million), and 35 percent above that figure. The exchange rate: $1 = A$1.57.

Reported By Newsbytes.com, www.newsbytes.com.

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