Australian gaming group Tabcorp has reached an “in principle” agreement with the New South Wales government to extend the exclusivity period of its retail wagering licence for 20 years.
The extension to 2033 will entitle Tabcorp’s subsidiary TAB to continue operating as the sole provider of totaliser and fixed odds betting in a retail environment. Although its retail wagering licence does not expire until 2097, its exclusivity would have expired on June 22, 2013.
The company has agreed to pay AU$75m to extend the exclusivity period, which remains subject to legislative amendments.
“This is a great outcome for TAB, but it is also the right outcome for the NSW racing industry,” said CEO David Attenborough. “This successful funding model returned AU$238.6m to NSW's thoroughbred, harness and greyhound racing industries in FY12.”
