TabCorp scores new VIC Wagering Licence

New wagering and betting licence to benefit Victorian racing industry

19 July 2011
by Victorian Government

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http://www.youtube.com/watch?v=kRW7pITY5Cg
"Hey Rocky, watch me pull a Rabbit outa my hat" ...Victorian Minister for Racing, Dr Denis Napthine.

Victoria’s racing industry and taxpayers will reap big benefits from the Victorian Coalition Government’s decision announced today to award the new Wagering and Betting Licence to Tabcorp Wagering (Vic) Pty Ltd.

The new 12-year licence, which commences in August 2012, allows the licensee to conduct pari-mutuel and fixed odds betting, operate the only off-course retail network in Victoria, establish and operate a Betting Exchange in Victoria to support account based betting and conduct approved simulated racing events.

As part of the licence terms, Tabcorp will make an up-front premium payment to the Coalition Government of $410 million.

“This is an outstanding result and will achieve the quinella of excellent value for money for this asset and a fair deal for the racing industry,” Mr O’Brien said.

“As the successful licensee, Tabcorp will be responsible for delivering the entertainment, jobs and social benefits that Victorians expect of the wagering industry.”

Mr O’Brien said Tabcorp was chosen following extensive evaluation of two very strong bids and had clearly demonstrated the required expertise.

Minister for Racing Denis Napthine said today’s announcement would further secure the financial future of Victoria’s racing industry by delivering increased revenue in real terms above current arrangements.

“The Victorian racing industry and Tabcorp will work together for the future of the industry,” Dr Napthine said.

“Tabcorp has made a binding offer to the racing industry that is no less favourable than the current arrangements and the two parties will commence negotiations immediately to finalise the terms of their joint venture arrangements.

so 12 more years of decline in victoria?

Nice work Smithy. You've cut straight to the chase.
Combine this with HRV's steadfast refusal to add conditions to their bread & butter races so that like races like...and it's Groundhog Day only sans Bill Murray & Andie MacDowell.
Phil: Do you ever have déjà vu, Mrs. Lancaster?
Mrs. Lancaster: I don't think so, but I could check with the kitchen.

would be nice for the govt, to say righto here's half the 440mill we were supposed to get, make a fund to boost prizemoney and the sport to encourage jobs and the future of the sport, so we can get some revenue in the future once the cigarette tax revenues have been destroyed by our own govt campaigns

That would not only require a modicum of vision, it would also be asking them to give up the opportunity of bleeding racing dry in order to fund their short term political & social agendas. A tall order Smithy, a tall order indeed.

I have to say Triple and Smithy, I cannot possibly fathom how this is a bad thing for the Victorian Industry...

Quote:

Originally Posted by Termite

I have to say Triple and Smithy, I cannot possibly fathom how this is a bad thing for the Victorian Industry...

no doubt