TabCorp signs 20-year NSW wagering extension
A statement from the Melbourne-based firm said the extension will entitle its Tab Limited subsidiary to continue operating as the sole provider of retail totalisator and fixed-odds betting for punters in the nation’s most populous state until June of 2033.
“This is a great outcome for Tab but it is also the right outcome for the New South Wales racing industry,” said David Attenborough, CEO and Managing Director for TabCorp. “This successful funding model returned us$ 219.7 million to New South Wales’ thoroughbred, harness and greyhound racing industries in fiscal year 2012.”
The extension, which is to be subject to legislative amendments, is due to cost TabCorp us$ 69 million with us$ 46 million of this due to be paid up front followed by the balance over the years from 2024.
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