Australian gaming giant Tabcorp Holdings has lodged an application with the Northern Territory State Government for a racing and sports wagering licence, signalling a desire to compete in the fast growing corporate bookmaking market.
The licence application forms a key part of Tabcorp’s response to competition changes in the Australian wagering market.
In particular, there has been strong growth in the Northern Territory wagering market as a result of differences in the regulatory environments between Australian states and territories. The recent approval given to bookmakers to offer tote odds betting has accelerated the growth.
Subject to Tabcorp’s licence application being approved by the Northern Territory Government, the company hopes to begin operations in the state later this year.
The Northern Territory racing and sports betting market now exceeds A$3bn in annual turnover.
