Once again, Tabcorp, the largest gambling company in Australia is in the news. This time, it is good news as Tabcorp Gets an Exclusive Sports Betting License in Victoria, Australia. According to gambling news, they were able to land this lucrative deal by outbidding several other competitors.
According to the deal with Victoria, Tabcorp will have to pay an initial $405 million to Victoria. Afterwards, they will have to pay approximately $20.25 million per year for the next 19 years. In addition, the new sports betting license will begin in June of 2024.
This is a relief to Tabcorp as their current deal with Victoria is set to expire this year. To get this license, Tabcorp had to submit a bid to the Victoria ministry for casino, gaming and liquor regulation. Of course, they were not the only sportsbooks to place a bid. This is because several companies were looking to open a sportsbook in Victoria and get an exclusive deal. However, they were able to beat competing bids from SportsBet and Entain.
Earlier this year, Victorian state regulators made the decision to open the local sports betting market to multiple gambling operators. In turn, this led to several applications to get online and in-person sports betting license. In the end, Tabcorp won after a vigorous process from the Victorian ministry for casino, gaming and liquor regulation.
Tabcorp Gets an Exclusive Sports Betting License in Victoria for 20 Years
This new exclusive license means a lot of changes for Tabcorp. The first one is that Tabcorp will no longer need to collaborate on the joint venture arrangement with the Victorian racing industry. Instead, they will have to pay sports betting taxes and product fees like any other gambling operator.
Thans to this new license, Tabcorp Tabcorp can continue to conduct wagering activities in Victoria for the next 20 years. In addition, it will authorize them to take in-person bets outside of racetracks and take bets online.
Adam Rytenskild, Tabcorp’s chief executive, was very happy with the decision. He said that “Today is momentous in the journey of our company post demerger.” Furthermore, it is a “positive outcome” for their shareholders, “the Victorian government industry stakeholders.”
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