Joint venture director of corporate and business affairs Andrew Twaits said Betfair Australia would "start matching bets locally as soon as the system comes back on".
Betfair uses advanced technology to enable punters to choose their own odds and bet against one another. It is this practice that has divided the racing industry since Betfair applied for its Australian licence in Tasmania last year.
Opponents of the internet-based exchange have warned Betfair's practice of allowing punters to back horses to lose will threaten the integrity of racing. But the exchange has since won over one of its most vocal critics, gaining the go-ahead from Racing Victoria to operate a market on all Victorian races, including the Melbourne Cup.
Twaits said Betfair had been confident of winning support. "We said from day one we were confident of receiving approval if the application was judged on its merits," he said.
Betfair's multi-million dollar Hobart office now employs 63 full-time staff and Twaits said the business would easily reach its forecast 75 employees in its first year.
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