Companies like Betfair, Centrebet and Sportsbet, have been lobbying the government for the policy change, and could be operating there within months.
"We have got to do a proper review of that issue … a lot of big NSW bookmakers have moved their operations to the Northern Territory," said Graham West, the gambling and racing minister of New South Wales, which encompasses Sydney and surrounding territories. "We're going to allow the bookmakers to make their bets anytime.' "
Millions in Taxes
West said gamblers were still betting using the Northern Territory-based Web sites, and by allowing the bookmakers to set up in Syndney and its environs, the government would be able to obtain tax revenue from the gambling.
As the news about legalizing online gaming emerged, rumors were also circulating that an overseas investor is interested in the possibility of setting up a casino at Rosehill racecourse.
Asked how long it would take to licence Betfair to operate in NSW, West said a submission to the government's cabinet could take "six to eight weeks" and "we'd be looking at it in terms of overall reform. I think we'd be talking months".
Betfair will pay the industry 24 cents for every $100 bet.
A Betfair spokesman, Andrew Twaits, said it was unwise to compare figures on total turnover, as Betfair was a "low-margin business." The total gambling take has gone up in Tasmania since Betfair was introduced there, he added.
The government expects to raise more than $1 million from a set-up fee for Betfair and more than $1 million a year in taxes.
The Opposition Party Leader, Barry O'Farrell, said he wants to see some of the money from gambling taxes go toward the funding of hospitals and schools.
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