9th of August 2011 Author: Glo Wood
Group pays A$410 million fee to Victoria
It has been reported this week that the Australian gambling company Tabcorp has paid A$410 million to acquire the state of Victoria's new wagering and gambling license. The deal has been closed for a period of 12 years, and it enables Tabcorp to operate the state's only off-course retail betting network, as well as tote and fixed-odds betting.
Prior to this, the group has had a monopoly on off-course gambling in Victoria for 50 years. This time, it beat a bid from competitor, Tatts Group, closing a deal which according to the Victoria Gaming Minister, Michael O'Brien, represents a windfall for Victorian taxpayers.
"This is a licence which has been evaluated based on technical ability, commitment to the racing industry in this state, probity, financial stability and also responsible gambling," he said. "That's a very important issue for us."
"Tabcorp provided the stronger bid and that is the recommendation I received and that is the decision I have made. The bid includes a premium payment upfront of A$410 million which in the current environment is a strong and fair value we think for this wagering and betting licence," he concluded.
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