| I see no difference between what these guys are doing and Coles being penalised millions by ACCC for not passing on earned funds to dairy farmers.|
Technically, there will be some fine print which allows them to rip off punters but morally it is ridiculous.
The problem is that the NT government not only gives them near-free tax privileges but also permits them to make up their own rules. TABCORP and Ubet have no such benefits from the respective state governments (although their FO betting is also suspect).
Governments (including the Commonwealth) are hell bent on stopping dicey overseas-based betting houses yet the damage they cause is little different to the money-manipulations generated by corporate bookies.
Curiously, they still get plenty of business from Aussie gamblers, whose arithmetic knowledge is also poor.
The recent addition of Point of Sale taxes on corporates helps to even the field a little but their impact is modest at the end of the day (applying only to winning races).
Somehow, the Australian states should gang up on the NT in the interests of their own tax incomes as well as the welfare of punters. NB the Commonwealth does have latent powers over Territories so it just needs the will to use them.