Tabcorp has announced that it has been awarded the new Victorian Wagering and Betting Licence by the Victorian Government.
The licence is set to initiate in August 2024 for a period of 20 years and includes modernised licence terms. This has been designed to create 'a level playing field' in Victoria with Tabcorp paying wagering taxes and racing and sports product fees on the same basis as other wagering operators.
Under the New Licence, the changes included are the cessation of the current joint venture arrangement with the Victorian Racing Industry (VRI) and the termination of the current industry funding obligations.
Tabcorp mentions how if the proposed terms of the New Licence had applied in FY23, Group EBITDA would have been $140m higher on pro-forma basis and would have been valued at $531m.
Tabcorp Managing Director & CEO Adam Rytenskild said: “Today is momentous in the journey of our company post demerger. This is a positive outcome for our shareholders, the Victorian Government and industry stakeholders. I am particularly pleased with the terms we have secured under this new licence which directly addresses the structural reform required in the modern wagering environment. It’s a licence that will allow us to ignite our total Victorian wagering business.”
“Significantly, the terms of this agreement will place Tabcorp on a level playing field with our competitors for the first time in Victoria. The structure of payments represent value for shareholders and will enable us to invest more in our products, offerings and customer experience,” Rytenskild added.
This news comes three weeks after Tabcorp appointed Mark Howell as its new CFO.
