CrownBet steps aside as Tabcorp closes in on merger

Australian online bookmaker CrownBet has agreed to no longer impede the US$8.3 billion Tabcorp Tatts merger, after reaching a settlement agreement with the wagering giant.

On Thursday, Australian-listed Tabcorp announced it has entered into a settlement agreement which would see CrownBet withdraw its opposition to the upcoming merger.

In return, Tabcorp said it has agreed to supply a digital stream of horseracing channels SKY 1 and SKY 2 to CrownBet for the personal use of its Australian wagering customers on mobile and PC.

CrownBet in a statement said that its competition concerns had been “sufficiently addressed”, adding that it “no longer opposes the merger of Tabcorp and Tatts and will not interfere in any way with the implementation of the merger.”

The bookmaker, as part of the deal has also agreed not to launch any further proceedings in the NSW Supreme Court seeking expedited approval of its digital wagering advertising deal with NSW licensed clubs.