As we saw earlier on today, gambling is not on the most level of footings right now in Australia. There are, however, opportunities to be had in the gambling world, and the state of Victoria continues to be one of the destinations companies look to for expansion.
Whether it’s because they’re fans of Queen Victoria or popular sitcom EastEnders, one of the old stagers of the gambling industry, British bookmaker Ladbrokes, was listed as among the three bidders for the 12-year license to offer off-course and sports betting facilities in the state from 2012.
Now though, after a plethora of delays, Ladbrokes have pulled out of the estimated $550million contract leaving only Tabcorp and Tatts left in the ring.
It’s reported their main grievance was that the contract was originally to be awarded by the end of this year; the state government reneging on this promise with a decision expected next quarter at the earliest.
Ladbrokes spokesman Ciaran O’Brien told the Sydney Morning Herald that ”Ladbrokes has formally withdrawn from the licensing process in Victoria.”
He also commented: ”In compliance with the confidentiality requirements of the licensing process we have no further comment to make.”
The British company later reiterated that they will continue to explore opportunities in the country; it now looks as though Tabcorp will continue to own the monopoly it has held for around 50 years though.
