VICTORIAN DEAL HAILED AS A NEW ERA FOR TABCORP
16th August, 2012 at 00:38:32
Major Aussie betting group transitions to new gambling industry structure in Victoria province
Aussie online and land gambling group Tabcorp Holdings Limited has entered a new era in transitioning to Victoria's new gambling industry structure, the company said in a statement Wednesday.
Tabcorp now operates Victoria's new Victorian Wagering and Betting Licence and has commenced a new 50/50 joint venture with the Victorian Racing Industry.
The new licence allows Tabcorp to offer on-course and off-course wagering and betting on thoroughbred, harness and greyhound racing and approved sporting and other events. The licence also allows for the offering of approved simulated racing games.
Tabcorp has also introduced its new Tabcorp Gaming Solutions business, a gaming services provider for hotels and clubs.
A company spokesman said that since 1994, when it was granted the Victorian Wagering and Gaming licences, Tabcorp's joint venture with the Victorian Racing Industry has returned more than A$4.5 billion to the three racing codes.
As part of the new arrangements, the Victorian Racing Industry will receive at least $1 billion from Tabcorp between this week and the end of FY-2015, continuing to ensure a well-funded industry.
In FY-2012 alone taxes on gambling paid by Tabcorp were A$1.12 billion. Of this, Tabcorp paid $817.9 million in taxes on gambling in Victoria.
Group CEO David Attenborough said: We have maintained a strong focus on ensuring the transition to Victoria's new gambling environment is seamless for our customers, venue partners and other stakeholders. I would like to acknowledge the hard work and commitment of our employees in helping to achieve this.
The launch of TGS and the new Victorian Wagering and Betting Licence are valuable growth opportunities for our business. Following the award of the new wagering licence, we have been making major investments in the network to give Victorians who enjoy their racing and sport the world's best products and services.
Tabcorp also launched the social lottery game, Keno into Victoria in April, after being awarded Victoria's first ever stand-alone Keno licence. Keno is now live in more than 600 Victorian venues.
In addition to its Victorian businesses, Tabcorp's operations include:
- Wagering in NSW through a TAB-branded network of approximately 2,100 agencies and licensed venues, as well as on-course, telephone and online channels.
- TAB Sportsbet, the national leader in fixed odds betting on sport, racing and other events, distributing its products through Tabcorp's retail network, as well as online, telephone and on-course channels.
- Luxbet, a national online racing and sports bookmaking business, based in the Northern Territory.
- The Sky Racing media business which broadcasts more than 85,000 races a year to 2.4 million homes, 5,400 commercial outlets and 31 countries.
- Keno through more than 2,800 distribution points in NSW and Queensland.
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