Tabcorp after NZ TAB fixed-odds business

Australian wagering giant is reportedly looking to launch a takeover bid for the management rights of the fixed odds business of New Zealand’s TAB, the Australian Financial Review’s Street Talk reports.

The move is said to be part of the wagering giant’s push into overseas markets to diversify its earnings.

On Tuesday, The New Zealand Racing Board, which runs the TAB confirmed Tabcorp was one of three organizations bidding for the contract.

The New Zealand Racing Board is currently in discussions with three organizations, of which Tabcorp is one, to explore options to automate our fixed-odds betting operation,” said New Zealand Racing Board chief executive John Allen. “There are no plans to privatise the TAB.”

Local sources say the other bidders could be Australia’s Tatts Group, William Hill and Paddy Power.

The New Zealand Racing Board saw turnover of NZ$2.4 billion (US$1.7 billion) in 2014-15 and net profit of NZ$144 million.

Related Articles

Tabcorp EBITDA hit from power outage less than $10 million

Tabcorp said a power outage that took out its systems over the weekend caused it to lose wagering turnover over the weekend, but the hit to EBITDA will be less than $10 million. It says its systems have now largely been restored. 
Australia tabcorp

Tabcorp digital turnover grows, though group posts loss

Tabcorp digital turnover outstripped retail turnover for the first time in a full year after Covid-19 forced the closure of its outlets and tipped the group to an $870 million ($631.8 million) loss.

Tabcorp secures debt waivers as part of Covid-19 response

Australian wagering giant Tabcorp announced it has secured agreement from its bank lenders for a waiver of leverage and interest cover covenants in response to the financial impact of the Covid-19 pandemic.  The waiver is related to its Syndicated Facility Agreement, representing facilities of A$2.2 billion (US$1.6 billion), according to a company filing. As of […]

Tabcorp lottery segment drives FY20H1 revenue

Australian wagering giant Tabcorp announced a 4.4 percent increase in group revenue for the first half of the 2020 financial year, driven by performance in its lotteries business.  The company said that it registered more than 300,000 new customers in the past six months – translating to strong growth in both digital and retail lotteries […]