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Tabcorp Wins 12-Year Vic Wagering & Betting Licence

Wednesday, 20th July 2011

The Victorian Government announced Tabcorp Wagering (a wholly-owned subsidiary of Tabcorp) has been awarded the new 12-year Wagering & Betting Licence (commencing in August 2012) which “allows the licensee to: conduct pari-mutuel & fixed odds betting; operate the only off-course retail network in Victoria; establish & operate a betting exchange in Victoria to support account-based betting; & conduct approved simulated racing events”. As part of the licence terms, Tabcorp will make an up-front premium payment to the Government of $410 million. Minister For Gaming Michael O’Brien declared: “This is an outstanding result & will achieve the quinella of excellent value for money for this asset & a fair deal for the racing industry.” And Minister For Racing Denis Napthine added the announcement will “further secure the financial future of Victoria’s racing industry by delivering increased revenue in real terms above current arrangements. . . . . The Coalition Government is committed to continued growth in the Victorian racing industry so that it remains the number one racing state in Australia & has already commenced work with these parties to enable a smooth transition in 2012.”

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