Betfair, the largest online betting exchange based in the UK, won a license to operate the first betting exchange in Australia together with Publishing and Broadcasting Ltd. (PBL). The license was issued by the gaming commission of Tasmania, and a 50-50 joint venture between the two companies will begin its operations on February 7.

The license allows the two companies enter the 9.75 billion US dollars gaming market of Australia, one of the largest gaming markets in the world. James Parker, executive chairman for PBL, believes that Australian punters will appreciate the online services offered by the joint venture and the Australian racing and sport will benefit too.

Previously, using services of overseas betting exchanges was prohibited in many states of Australia. Now, according to Betfair officials, all Australian citizens will be able to use Betfair betting exchange legally.