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July
Sports groups grab slice of betting pie
UK -July 12, 2006
A COALITION of professional sporting bodies is about to step up
its campaign to gain a slice of the $1.6 billion waged on sports
betting each year in Australia.
The group called the Coalition of Major Professional Sports (COMPS)
wants all wagering operators to pay so-called product fees which
can be used to further develop the sports.
COMPS was formed to represent sports such as cricket, rugby league,
rugby union, golf, soccer and tennis in the negotiations which are
being led by the Victorian Government.
Victorian Gaming Minister John Pandazopoulos will meet with COMPS
later this month.
The Government's discussion paper outlined a national plan to allow
sports administrators to approve all sports gambling in a bid to
return funds to the sports and guarantee the integrity of events.
Unlike horse racing, which is funded through a joint venture with
the sole wagering operator Tabcorp, other sports do not receive
a return from the wagering operators who are presiding over massive
industry growth.
The amount spent on sports betting has surged
from $100 million in 1994 to at least $1.6 billion in 2004.
Source Code: http://finance.news.com.au/story/0,10166,19760144-462,00.html
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