Wagering giant Tabcorp has rejected the joint venture approach from British wagering operator Ladbrokes. The deal was first floated in late 2013, according to local media.
Ladbrokes, who had launched an online offering was hoping to get a head start on its rivals at the time by teaming up with the incumbent retailer operator, Tabcorp. It is understood that Tabcorp’s Chief Executive David Attenborough took little time to reject the proposal given his company already held the position of Australia’s leading online wagering firm.
More recently, Tabcorp’s earnings have faced pressure from intense online competition, according to a report from Morgan Stanley. The report had estimated the wagering behemoth’s share of online wagering turnover will fall to 23 percent in 2018, down from 30 percent in 2010, as a result of increasing pressure from foreign-backed online bookmakers.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
South Korea said on Sunday it will extend social distancing measures introduced to try to curb the spread of the novel coronavirus pandemic for another six days, to Jan. 3 after reporting a further 970 cases on Saturday.
Predicting a spike in Covid-19 cases in January, Goa state Health Minister Vishwajit Rane has appealed to tourists to take precautions and to observe government appeals to wear masks and practice social distancing.
Operators in Entertainment City had already begun to complain about the impact of rising competition on their margins even prior to the Covid-19 crisis. Now, with the outlook highly uncertain due to border closures and the erosion of the VIP sector, they may have to contend with three new developments pressing ahead.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.