Tabcorp Buys ACTTAB

Australian betting operator Tabcorp has paid $105 million to buy racetrack betting operator ACTTAB from the Canberra government, getting 50-year Australian racetrack license in the bargain. ACTTAB distributes through 53 retail outlets, plus phone and internet platforms.

Australian betting operator Tabcorp. has acquired ACTTAB, a provider of totalisator and fixed odds wagering, keno and trackside products in the Canberra territory, according to SBC News. As part of the deal, the territorial government will issue Tabcorp. a 50-year exclusive totalisator license, a sports bookmaking license for an initial term of 15 years with rolling extensions up to 50 years, and approvals to offer keno and trackside products for 50 years.

??“The acquisition of ACTTAB presents a unique opportunity for Tabcorp. to secure long-term licenses on highly favorable terms in a jurisdiction that is complementary to our existing wagering and keno businesses in Victoria and New South Wales,” said Tabcorp. Managing Director and CEO David Attenborough. “We look forward to leveraging our capabilities to strengthen the product offering available to ACTTAB customers and to deliver the best outcome for the racing industry and other stakeholders including our venue and community partners.

”??Tabcorp. will keep the ACTTAB brand and continue ACTTAB’s phone-betting operations. The acquisition will add 20 betting outlets to the Tabcorp. portfolio, including storefronts and facilities at pubs and clubs.