12 Oct 2010
Victoria's wagering and sports betting licence
There are three remaining invitees, and an announcement of the winner is expected before the end of the year.
Following a drawn out process by Victoria's Department of Justice, Tabcorp Wagering (Vic) Pty Ltd (Tabcorp registrant), Victoria Licence Bid Co Pty Ltd (Tatts Group registrant) and Ladbrokes plc (Ladbrokes registrant) have been short-listed and invited to apply for Victoria's multi-billion dollar wagering and sporting betting licence.
For the three remaining invitees, the reward of obtaining the 12 year exclusive licence includes the rights to:
offer both parimutuel and fixed odds betting on racing, sports and other events;
conduct wagering and betting via an off-course retail network;
establish and operate the only betting exchange based in Victoria; and
offer approved simulated racing games.
Commencing in 2012 and running until 2024, the licence is reportedly estimated by Victoria's Gaming Minister Tony Robinson to be worth at least $4 billion (AAP, 29 July 2010). The Victorian Government is expected to announce the licence winner by the end of the year.
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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.