The Western Australian Government has passed a new law which will develop a new framework to negotiate the sale of the TAB which will help support the Western Australian racing industry.
The TAB Bill 2019, which will be subject to Royal Assent, will allow the Government to initiate a competitive sale process, with an aim of selling the business in 2020. Following the approval of the legislation, the TAB sale process will now move into the transaction phase.
“The passing of the bill means there is now the appropriate legislative framework to negotiate the sale of the TAB and support the Western Australian racing industry, ending years of uncertainty,” the RWA said in a statement.
“Since 2003, RWA has operated the TAB with the goal of maximising returns to the racing industry, the transaction phase aims to continue this commitment by selecting a suitably qualified and capable wagering operator through an open market process.”
The legislative framework outlines a number of new amendments to the Betting Control Act 1954 which will see the introduction of a new licensing system that will replace the current TAB system.
It has been specified, however, that one licence would be in action at any time. The new system would give licence holders the opportunity to conduct totalisator and fixed-odds betting on races, events and simulated races.
As part of the proposed changes, the RWA will no longer hold any wagering functions, as outlined in the amended Racing and Wagering Western Australia Act 2003.
The Gaming and Wagering Commission will continue to hold the ability to regulate the wagering licensee, but will now longer have the function to supervise gambling operations of the RWA.