Facing competition from Racing Victoria and Seven West Media joint-venture Racing.com, Australian gambling operator Tabcorp has been forced to significantly up its bid in order to maintain its racing broadcast rights in Australia and New Zealand.
The Australian Financial Review (AFR) has reported that Tabcorp governance are prepared to pay AUD $26 million (£16 million) to secure racing content rights in West Australia for an extended period of six years.
The business news source states that the bid represents approximately ‘10-times’ the amount of its current deal for West Australia racing content.
For its South Australia racing content, Tabcorp has been granted ‘first and last’ bidding rights on broadcast negotiations as part of its existing arrangement. The terms will allow Tabcorp governance to place an initial bid for the content, and to make a closing bid once competitor offers have been submitted.
AFR stated that management of Racing.com are particularly keen on securing broadcast rights for South Australian racing.
With regards to its New Zealand content, Tabcorp governance is reported to be currently negotiating an extension of its existing deal with local racing authorities, who have been approached by Racing.com