Tabcorp finalises Victorian Wagering and Betting Licence arrangements

Tabcorp Holdings Limited announced that the Victorian Government intended to award the Victorian Wagering and Betting Licence to Tabcorp Wagering (Vic) Pty Ltd (Tabcorp Wagering), a wholly owned subsidiary of Tabcorp.

In that announcement, Tabcorp noted that Tabcorp Wagering would need to enter into arrangements with the Victorian Racing Industry governing the formal relationship between Tabcorp Wagering and the Victorian Racing Industry.

Tabcorp Wagering and its subsidiaries have on Wednesday entered into such formal arrangements with the Victorian Racing Industry. The key financial aspects of these are consistent with those outlined in the Annexure to the announcement made by Tabcorp on 19 July 2011.

Tabcorp Chairman Paula Dwyer said the successful signing of the formal arrangements would allow Tabcorp and the Victorian Racing Industry to focus on the transition to the new licence in August next year.

“Tabcorp’s long-standing joint venture with the three Victorian racing codes is one of the most successful commercial partnerships in world racing and we are pleased that it will continue beyond 2012,” Ms Dwyer said.

“Tabcorp has a proven track record of working innovatively with the Victorian Racing Industry and the Victorian Government. We look forward to assisting Victorian racing in building on its status as one of the world’s most vibrant and progressive racing industries. Tabcorp now looks forward to a smooth transition to the new Victorian Wagering and Betting Licence in August 2012.”

Tabcorp Managing Director and Chief Executive Officer, David Attenborough (pictured) said: “The new Victorian licence will strengthen Tabcorp’s position as Australia’s leading wagering operator and provides a further opportunity for growth.

“We look forward to continuing to develop the Victorian TAB business through investments in new technology, products and self-service terminals, strengthening our retail footprint and introducing a new online wagering platform.”

Tabcorp will pay the $410 million licence fee for the Victorian Wagering and Betting Licence to the Government in January 2012.