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.
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.
Sociedade de Jogos de Macau, S.A. says its eligible employees will receive Living Subsidies equivalent to 2 months or 1.5 months of salary. The Living Subsidies will be made in two equal payments in January and July respectively, with the first payment to be made on 6 January 2021.
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.