Crownbet has reached an agreement with Tabcorp to withdraw its opposition to the A$11 billion (US$8.25 billion) merger of Tabcorp with Tatts group.
Tabcorp said under the agreement that CrownBet withdraw its opposition to the merger in the Australian Competition Tribunal in exchange for CrownBet customers being able to stream Tabcorp’s Sky Racing vision, according to the Sydney Morning Herald.
The agreement removes another obstacle to the long-delayed merger. Tatts shareholders are scheduled to vote on the merger this month.
CrownBet had been challenging the Tabcorp-Tatts merger due to the immense market power that the merged entity would command, and concerns over how it would affect competition in the country’s gambling market. The merger will create an A$11 billion gaming company including Tatts lotteries, digital betting services and totalisator betting licenses in every state and territory except Western Australia.
In a press statement, CrownBet said its competition concerns had since been “sufficiently addressed” by an arrangement it had reached with Tabcorp and Sky in relation to the streaming of racing vision to CrownBet customers.
Tabcorp told the stock market it had agreed to supply a digital stream of SKY1 and SKY2 to CrownBet for the personal use of its Australian wagering customers on mobile and desktop computer devices, the Herald reported.
