Tabcorp has received a 20-year license extension making it the only retail sports betting operator in Victoria. [Image: Shutterstock.com]
Tabcorp will remain the sole retail sports betting provider in Victoria after receiving a 20-year license extension. A number of other operators were vying to break into the market, including Sportsbet and Ladbrokes.
Initial payment of A$600 million (US$404 million)
Tabcorp will be able to offer retail betting in clubs and bars through its TAB brand for an initial payment of A$600 million (US$404 million). It will then have to pay A$30 million (US$20 million) annually for the remainder of the 20-year deal.
The new contract also includes a commitment for the Tabcorp-based operator to contribute A$2 million (US$1.4 million) to problem gambling programs and research projects related to gambling harms in the region. Tabcorp CEO Adam Rettenskilde welcomed the extension, saying it was “the best license in the country now”.
At one stage of the application process, Victorian authorities considered allowing multiple brands to operate in the state’s betting market at the same time. Tabcorp has backed the plan to allow multiple operators online once the retail license remains exclusive. While Sportsbet was in favor of splitting the retail licence, Tabcorp said it would not share its database if such a structure became a reality.
