Australian bookmaking giant Tabcorp announced a partnership with the U.K. subsidiary of Rupert Murdoch’s New York-based media conglomerate News Corporation on a new online gaming venture in the U.K. and Ireland.
The business will merge Tabcorp’s global wagering business with News Corporation UK’s customer base and media assets, including The Sun newspaper and associated sports and racing products. The deal is structured as a revenue-sharing arrangement between the two companies.
“This partnership provides us with the opportunity to create a leading online bookmaker in the U.K. market under the Sun Bets brand over the coming years, and fits with our strategy of pursuing close-to-core international opportunities,” Tabcorp CEO David Attenborough told the London Daily Morning Herald.
According to the report, the partnership will focus on horserace betting and the growing sports-betting market, including The Sun’s “Dream Team” fantasy football competition, which currently boasts more than 1 million registered members.
“This deal with Tabcorp marks a pivotal moment in the digital transformation of the company, creating a world-class online sports book that will engage and entertain the betting public in the inimitable style of The Sun,” News UK chief Rebeka Brooks told the Herald.
The 10-year agreement, which includes provisions for performance-based extensions, is subject to Tabcorp obtaining the necessary licenses and regulatory approvals.
