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Tabcorp $410m "Up-Front" Payment To Vic Govt

Wednesday, 20th July 2011

Tabcorp chairman Paula Dwyer confirmed Tabcorp Wagering “will pay a licence fee of $410 million to the Victorian Government shortly”. She also noted Tabcorp Wagering “will need to enter into arrangements with the Victorian racing industry that will govern the formal relationship between Tabcorp Wagering & the Victorian racing industry”. Tabcorp Wagering “has put forward proposed arrangements with the Victorian racing industry & will now enter into discussions to finalise those arrangements. The financial aspects of the proposed arrangements largely reflect the financial arrangements which were included in draft agreements provided to Tabcorp Wagering as part of the licensing process. Until those arrangements are finalised with the Victorian racing industry, their terms remain uncertain. The Victorian Government is able to direct the holder of the Victorian Wagering & Betting Licence to enter into arrangements with the Government or third parties relating to the Licence. Tabcorp will make a further announcement once formal agreements with the Victorian racing industry have been entered into.” Tabcorp currently provides totalisator & fixed odds wagering in Victoria through a TAB-branded retail network of 626 agencies & licensed venues, at 87 race tracks, over the phone, via pay TV & online. The Victorian TAB also operates a computer simulated racing game called Trackside in 621 Victorian wagering outlets & conducts the co-mingling of wagering pools with various domestic & international wagering operators. Since 1994, when it was granted the Victorian Wagering & Gaming Licences, Tabcorp’s Joint Venture with the Victorian racing industry has returned more than $4 billion to the 3 racing codes “giving Victoria one of the best funded racing industries in the world”. Tabcorp managing director David Attenborough said Tabcorp will “continue to invest in the Victorian wagering business to give customers access to world-class products & technology. . . . . Tabcorp has a proven record of working with the Victorian racing industry & other stakeholders to grow industry returns.”

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