According to a report in the Australian Financial Review’s Street Talk, Tabcorp is examining a possible takeover bid for the management rights of the fixed odds business of New Zealand’s TAB as part of its planned push into overseas markets.
The New Zealand Racing Board, which runs the TAB confirmed Tabcorp was one of three organizations bidding for the contract.
The New Zealand Racing Board is currently in discussions with three organizations, of which Tabcorp is one, to explore options to automate our fixed-odds betting operation,” said New Zealand Racing Board chief executive John Allen in a press release. “There are no plans to privatize the TAB.”
Local reports named Australia’s Tatts Group and William Hill and Paddy Power as the other possible contenders.
The New Zealand Racing Board saw turnover of NZ$2.4 billion (US$1.7 billion) in 2014-15 and net profit of NZ$144 million.