Australian operator Tabcorp, which recently demerged its wagering and casino business divisions, has been awarded a new wagering and betting licence by the Victorian state government.
The new 12-year licence, which came at a price of AUS$410m and will commence on August 2012, grants Tabcorp the right to operate the only off-course retail network in the state, establish and operate a betting exchange and conduct approved simulated racing events.
Tabcorp’s managing director and chief executive officer, David Attenborough, said the company would continue to invest in the Victorian wagering business to ensure customers can access world-class products and technology.
"We are committed to operating a strong wagering business in Victoria," he said. "We will continue to invest in product innovation, our retail distribution and technology. Tabcorp has a proven record of working with the Victorian racing industry and other stakeholders to grow industry returns. Tabcorp looks forward to working with the three Victorian codes of racing to ensure Victoria remains one of the world’s premier racing jurisdictions."
The news may spark fresh speculation about the future of Echo Entertainment, Tabcorp’s newly re-branded casino division. With this new licence potentially strengthening the Tabcorp’s wagering business, shareholders may well be more willing to part with Echo Entertainment to a rival casino group.
