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Tabcorp Buys ACTTAB

Wednesday July 30,2014 : TABCORP SNAPS UP A.C.T.T.A.B. FOR A$105.5 MILLION
 
Australian Capital Territory sells off betting agency to top Aussie bookmaking group.
 
Australian media are reporting the sale for A$105.5 million of the ACTTAB betting agency to local bookmaking group Tabcorp Holdings by the Australian Capital Territory provincial government.
 
Tabcorp CEO David Attenborough described the Canberra-based purchase as a unique opportunity.
 
"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," he said.
 
Tabcorp gains a major advantage as part of the sales deal - a 50 year exclusive totalisator licence, a sports bookmaking licence for 15 years with further rolling extensions to a total term of 50 years, and ongoing approvals to offer Keno and Trackside products.
 
ACT Treasurer Andrew Barr said the sale price had exceeded expectations.
 
"This allows the ACT Government in the short term to invest those funds to produce a boost to our budget," he said. "But in the longer term, it will allow us to put the proceeds through the Commonwealth's Asset Recycling Scheme and ultimately invest that in new assets and infrastructure for the territory."
 
Local press reports indicate that ACTTAB turns over more than A$100 million annually, but in the 2012-2013 financial year it delivered only $1 million profit for the provincial government.
 
More than 100 full-time staff work in both the ACTTAB head office and 53 retail outlets around the territory, and as part of the agreement Tabcorp has agreed to offer employment to all existing staff. The current chief executive is retiring.
 
Treasurer Barr said Tabcorp outlined plans to give A$3 million to the racing industry, A$4 million in sponsorship for sport and A$50,000 to the ACT problem gambling fund. The company will also pay the government an annual licensing fee of A$1 million per year.

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Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

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Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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