Australian gaming company Tabcorp has finalized a deal with the Government of New South Wales ( NSW) to extend its regional retail wagering license’s exclusivity period.
Tabcorp previously announced on June 20 that it had reached an agreement in principle with the NSW Government to extend the exclusivity period of the licence for 20 years to June 2033 – subject to the terms and conditions of an agreement between the parties and legislative amendments.
George Souris, minister for tourism, major events, hospitality and racing, has now finalised and executed the NSW Exclusivity Deed.
The 20-year extension will entitle Tabcorp’s subsidiary, Tab Limited (TAB), to continue as the sole provider of totaliser and fixed-odds betting in retail environments throughout NSW until June 2033.
TAB agreed to pay A$75 million (€51.1 million/$67.4 million) to the NSW Government to extend the exclusivity period. An initial payment of $50 million will now be made and the balance will be paid over a 10-year period from 2024.