SBC News Voice of the Sports Betting Industry
Australian betting operator Tabcorp has completed its AUS $105 million (£58 millon) acquisition of racetrack betting operator ACTTAB from the Canberra Government (ACT Government).
Tabcorp senior management disclosed that it had been granted permission by the Australian Competition & Consumer Commission (ACCC) to proceed with the acquisition of ACTTAB. The purchase of ACTTAB will see Tabcorp gain a 50 year Australian racetrack totalizer operations licence with additional rights to further extensions.
In July the ACT government announced its long planned sale of ACTTAB as part of a 50-year deal with Tabcorp, prompting an ACCC review to consider whether punters could receive less favourable odds, increased commission fees or otherwise degraded betting products.
The acquisition of ACTTAB will see Tabcorp extends its betting services into the state of Cranberra. Tabcrop services betting operations in Victoria and New South Wales.
Tabcorp management confirmed that it would maintain the ACTTAB brand. Operationally Tabcorp further confirmed that it would continue to maintain ACTTAB telephone betting operations.
Tabcorp will gain control of twenty ACTTAB betting outlets including shop fronts and facilities at pubs and clubs. Tabcorp agreed to keep about 130 staff on existing conditions for three months after the sale and offered sponsorship for the local racing industry of at least AUS $300,000 a year for 10 years.
