21st of December 2011 Author: Johnny Karp
Tabcorp finalizes the deal with Victorian Racing
A new development in Tabcorp Wagering's Aussie plans emerged this week when the company announced the finalization of the cooperative arrangements with the Victoria racing industry. This way, the company has opened up the way for the finalization of its licensing agreement with the state's Wagering and Betting authority.
The license fee will reportedly cost Tabcorp A$410 million, which it will pay to the state government in January 2012.
In a statement on the deal, Tabcorp chairman Paula Dwyer said 'the successful signing of the formal arrangements' would enable Tabcorp and the Victorian racing industry to focus on the transition to the new license in August next year.
'Tabcorp's long-standing joint venture with the three Victorian racing codes is one of the most successful commercial partnerships in world racing and we are pleased that it will continue beyond 2012,' Dwyer said, adding: 'Tabcorp has a proven track record of working innovatively with the Victorian racing industry and the Victorian government. We look forward to assisting Victorian racing in building on its status as one of the world's most vibrant and progressive racing industries.'
It has been specified by Tabcorp managing director and CEO, David Attenborough: 'The new Victorian licence will strengthen Tabcorp's position as Australia's leading wagering operator and provides a further opportunity for growth.
'We look forward to continuing to develop the Victorian TAB business through investments in new technology, products and self-service terminals, strengthening our retail footprint and introducing a new online wagering platform.'
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