The Victorian government has awarded Australian gaming group Tabcorp Wagering, a subsidiary of Tabcorp Holdings, a new Wagering and Betting Licence, which allows the group to offer on-course and off-course betting on thoroughbred, harness and greyhound racing, as well as other approved sporting events.
The licence, which will cost Tabcorp an initial AUS$410 million (US$435 million) and run for a period of 12 years starting from August 2012, will allow the group to run retail betting operations in the country’s second most populous state, and should enable the group to generate an estimated AUS$120 million in pre-tax earnings for the first full financial year of operation, securing its status as the leader in Australian wagering.
However, with the arrangements still to be finalised with the Victorian racing industry, Tabcorp is yet to announce the exact terms of the deal.
Tabcorp chairman, Paula Dwyer, said: “Tabcorp is delighted to have been selected by the Victorian Government as the preferred licence holder. We look forward to continuing to be a key part of the future of racing and wagering in Victoria.”
As the licence holder, Tabcorp will run tote and fixed-odds betting, while operating the only off-course retail bookmaking network in the state.
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