SBC News Voice of the Sports Betting Industry
TABCORP Holdings has extended its exclusive license with Australias New South Wales Gaming Commission to provide the state of New South Wales with retail and tote betting. Tabcorp renewed its license with the NSW regulators with just two days to till their license expired, avoiding the loss of a key revenue generator.
Tabcorp will pay $75 million to extend its exclusive license to operate retail tote betting in the NSW region. Tabcorp further announced to the stock exchange it had reached an in-principle agreement to offer its tote service exclusively through branded outlets, pubs and clubs until June 2033.
Tabcorp has agreed to pay $50m upfront and and the balance of $25m over a 10-year period from 2024. The finalisation of the deal is expected to be announced in the coming days as Tabcorp await final legislative services to be finalized by the the New South Wales Gaming Commission. Tabcorp Holdings were advised by financial services adviser Greenhill Capital with regards to the strategy and financing of the deal.
David Attenborough Tabcorp MD Commented it was a great outcome for TAB and “the right outcome for the NSW racing industry the licence was part of a funding model that returned $238.6m to NSW’s thoroughbred, harness and greyhound racing industries in 2011-12”
