Australian betting operator Tabcorp has splashed out AUD $105m (US $98.5m) to acquire ACTTAB, the Canberra-based betting operator previously owned by the Australian Capital Territory (ACT) government. ACTTAB’s chief appeal lies in its 50-year exclusive tote wagering license with no wagering tax. ACTTAB also holds a sportsbook license that charges less than 1% of turnover and is valid for 15 years (with rolling extensions for a further 35).
Tabcorp has agreed to offer jobs to all 100 current ACTTAB full-time employees and to boost racing sponsorship by $300k for 10 years with a further $400k going to local community and sports organizations. Assuming competition watchdogs don’t bark, state treasurer Andrew Barr expects the sale to be complete later this year. Tabcorp already operates former state-owned TAB businesses in New South Wales and Victoria.
In 2011-12, ACTTAB generated $2.1m in profits for the state but that fell to $1m in 2012-13. The state announced it was looking for an ACTTAB buyer last September after PwC consultants said the business needed “tens of millions of dollars” in upgrades if it was to compete with online offerings from “interstate competitors.” Tabcorp has publicly expressed disdain for the cross-border appeal of online firms licensed in Australia’s Northern Territory, which have reportedly been laying waste to comfortable monopolies like Tabcorb for years now.
While Tabcorp was adding to its list of holdings, Bulgaria added Tabcorp to its list for scolding. Tabcorp.com.au was one of 10 domains added Thursday to the Bulgarian State Commission on Gambling’s online gambling blacklist. Joining Tabcorp on the list of sites serving Bulgarian punters without a shiny new Bulgarian license is Sportingbet’s South African site and BetOnline offshoot Sportsbetting.ag. Also helping to bring Bulgaria’s blacklist to an impressive 243 names are racebets.com, pokerloco.com, sjodds.com, bet.starpricebet.com, sunmaker.com, gwbet.com and hititbet.com.
