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Racing NSW’s Boss Warns That Tabcorp’s Potential Betting Assets Sale Would Need Regulatory Authorisation

in Finance

Peter V’landys, boss of Racing NSW, has warned that any potential agreement aimed at purchasing the betting business of Tabcorp would need to be approved by him. And, for The Age and the Sydney Morning Herald, he made it clear that he would not give this approval lightly.

Currently, the Australian gambling giant relies on long-term betting licences issued by each state, with the local racing regulators playing a major role in the certification process. The company’s exclusive licence in Victoria is set to expire in 2024 but, for the time being, Racing Victoria refused to make any comments on any possible deal regarding Tabcorp’s betting assets.

Earlier this week, Tabcorp officially confirmed that it had been approached by potential suitors of its betting business, which has been experiencing some financial troubles lately.

British gambling operator Entain has revealed its interest in taking over the wagering assets of the Australian gambling giant. In a statement released a couple of days ago, it explained that it had made a non-binding indicative offer for the acquisition of Tabcorp’s betting assets and the related media business that currently runs most of the TAB operations on the territory of Australia.

At the time Entain confirmed its interest in taking over the business, it also said that discussions are at an early stage. The British gambling company further noted that any potential deal is to be executed in line with the merger and acquisition strategy of Entain, as well as with its policy for further expansion in regulated international markets.

http://www.casinoguardian.co.uk/2021/02/04/racing-nsws-boss-warns-that-tabcorps-potential-betting-assets-sale-would-need-regulatory-authorisation/