He underlined that the move was equally beneficial for the company’s shareholders, the state government, and industry stakeholders. The total payments equate to $1.1 billion, but as they were not linked to inflation, their total value stood at approximately $864 million.įollowing the news that the gambling giant had secured a two-decade renewal of its exclusive rights, the company’s shares soared to 90 cents, equating to an increase of 22%.Īdam Rytenskild, Managing Director and Chief Executive of Tabcorp, said in a statement that winning the tough bid competition was a major corporate milestone: “Today is momentous in the journey of our company post demerger”. The renewed agreement with the government will take effect as of August 2024 with an upfront fee of $600 million, in addition to fixed annual payments of $30 million from 2025 to 2043. Tabcorp, Australia’s largest gambling company, has secured a 20-year extension of its exclusive Victorian license for providing retail wagering services in pubs and clubs across the state.

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