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Australian gambling and entertainment firm TabCorp Holdings Limited has reached an agreement in-principle with the government for the state of New South Wales that will see the exclusivity period for its retail wagering licence extended for a further 20 years.
Melbourne-based TabCorp revealed that the extension will entitle its Tab Limited subsidiary to continue operating as the sole provider of retail totalisator and fixed-odds betting for punters in the nation’s most populous state until June of 2033.
Although Tab’s retail wagering licence for New South Wales is not due to expire until 2097, TabCorp stated that its exclusivity was due to conclude on June 22.
“This is a great outcome for Tab but it is also the right outcome for the New South Wales racing industry,” said David Attenborough, Chief Executive Officer and Managing Director for TabCorp.
“This successful funding model returned AUD$238.6 million ($218.9 million) to New South Wales’ thoroughbred, harness and greyhound racing industries in fiscal year 2012.”
The extension, which is to be subject to legislative amendments, is due to cost TabCorp AUD$75 million ($68.8 million) with AUD$50 million ($45.8 million) of this due to be paid up front followed by the balance over the years from 2024.
Tab currently offers racing and sport totalisator and fixed-odds betting through a retail network of approximately 2,130 agencies, hotels and clubs in New South Wales while additionally providing digital, on-course and telephone wagering.