SPORTS BETTING

Australia – Tabcorp awarded with exclusive Victorian Wagering and Betting Licence

By Phil - 18 December 2023

Tabcorp Holdings has been awarded the new and exclusive Victorian Wagering and Betting Licence (New Licence) by the Victorian Government for a period of 20 years commencing August 2024.

The modernised licence terms aim to create a level playing field in Victoria for taxes and fees and
enhancing Tabcorp’s ongoing competitiveness with no racing industry joint venture or obligations under the new licence. The Victorian Government has committed to ensure exclusivity before and during the
term of the new licence.

Tabcorp Managing Director & Chief Executive Officer, Adam Rytenskild said: “Today is momentous in the journey of our company post demerger. This is a positive outcome for our shareholders, the Victorian Government and industry stakeholders. I am particularly pleased with the terms we have secured under this new licence which directly addresses the structural reform required in the modern wagering environment. It’s a licence that will allow us to ignite our total Victorian wagering business.

“This announcement continues the strong momentum of our transformation. We are a faster, simpler and more nimble company. We’re delivering on what we promise and offering our customers a better experience with faster speed to market and an attractive product offer.

“We are pleased to have worked with the Victorian Government on a retail and tote licence that appropriately takes into account the structural changes created by the proliferation of online bookmakers licensed in the Northern Territory. This is a strong licence for the modern era and is the prototype moving forward – it ensures a safe wagering ecosystem for the community and incorporates stronger protections to ensure genuine retail exclusivity.

“Significantly, the terms of this agreement will place Tabcorp on a level playing field with our competitors for the first time in Victoria. The structure of payments represent value for shareholders, and will enable us to invest more in our products, offerings and customer experience.

“As the long-term industry partner, this New Licence ensures TAB remains part of the social fabric of local communities in Victoria.

“We are excited to partner with the Victorian Government over the next two decades under a modern wagering licence to continue to create a safe, enjoyable and innovative entertainment offering and retail wagering ecosystem for Victorians, while ensuring long term sustainability for the state’s racing industry. As a proudly Australian company, we are absolutely committed to continue working closely with the Victorian Government and Regulator to provide a safe experience for customers and continue to evolve our capability to prevent the impact of gambling harm on Victorians.”