Tabcorp and Racing Queensland sign agreement
Tabcorp Holdings Limited and Racing Queensland are pleased to have signed a deed of understanding in the context of the proposed combination of Tabcorp and Tatts Group.
The agreement provides greater certainty for Racing Queensland in relation to the benefits that the proposed Tabcorp-Tatts combination will deliver for the Queensland racing industry.
Tabcorp has committed to an increase in capital investment in the Queensland wagering business (currently UBET) across retail and on-course wagering facilities, as well as committing to implementing increases in investments in technology, sponsorships and marketing.
“Racing Queensland is committed to improving the financial sustainability and growth of the Queensland industry and generating better returns for our participants,” said Racing Queensland Chairman Steve Wilson.
“The majority of our funding comes from the Queensland wagering business, so this agreement is important to underpin future returns.
“With this agreement in place, the proposed Tabcorp-Tatts combination will be meaningfully beneficial overall to Racing Queensland and will improve the financial sustainability of the industry.”
Tabcorp Managing Director and CEO, David Attenborough said: “The proposed Tabcorp-Tatts combination is expected to deliver additional funding benefits to the racing industry and venue partners, which will flow to racing participants and industries across Australia.
“We are pleased to have signed this arrangement with Racing Queensland to support increased returns and provide more investment for racing infrastructure.
“The combined Tabcorp-Tatts business will also be better positioned to invest in product and channel innovation to enhance the digital and retail customer experience, and drive further growth for Queensland racing.”
The agreement is subject to the completion of the proposed Tabcorp-Tatts combination, which remains subject to competition and other approvals.
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