Aussie wagering, gaming and entertainment group, Tapcorp Holdings, has today announced the entering into formal relationships with the Victorian Racing Industry.
The news comes after Tabcorp revealed in July plans that the Victorian Government was to award the Victorian Wagering and Betting Licence to Tabcorp Wagering, a wholly owned subsidiary of Tabcorp. But before this was possible “formal arrangements” would have to be entered. Well today is that day. What a lovely holiday gift for Tabcorp.
In a company press release, Tabcorp Chairman Paula Dwyer said: “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.
“Tabcorp has a proven track record of working innovatively with the Victorian Racing Industry and the Victorian Government. Tabcorp now looks forward to a smooth transition to the new Victorian Wagering and Betting Licence in August 2012.”
The successful signing of the formal arrangements will allow Tabcorp and the Victorian Racing Industry to focus on the transition to the new licence in August next year.
Tabcorp Managing Director and Chief Executive Officer, David Attenborough said: “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.”
But how much will this Victorian Wagering and Betting licence set Tabcorp back? $410 million, apparently, will have to be paid to the Aussie Government in January 2012. Gulp.
