Terry Lillis, who opened CentreBet for business in 2000, has sold his site to UNiTAB.

"I was the first to start sports betting and I'm glad I'm one of the first to get out," Lillis said.

"There are too many operators and not enough customers - you'll find a situation in the next few years where there will be two powerful TABs and two or three big corporate bookies. The rest will fall by the wayside."

The deal, which has been in the works for a number of months, has been regarded as a swift reaction by UNiTAB to Racing Victoria Limited's decision to allow corporate bookmakers to pay a revenue-based fee on betting on Victorian races.

Last month, RVL said it would introduce a wagering fee of 10 per cent of gross profits tax on any wagering on Victorian races, a fee that will rise to 15 per cent during the Spring Carnival.

That is in stark comparison to Racing NSW, who previously set a fee of 1.5 per cent of turnover from all wagering operations.
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