Australian wagering giant Tabcorp has secured the exclusive right to offer retail betting in South Australia until the end of 2032.
Tabcorp is licensed in the state of South Australia through its wholly-owned subsidiary UBET, with its license expiring on June 30th, 2100.
Subject to Independent Gambling Authority approval, UBET's exclusivity on retail betting will be extended through to 2032, with the terms of its license remaining unchanged, except for a new annual renewal fee for the exclusivity period.
UBET offers retail betting across 350 venues in South Australia and has secured racetrack signage and wagering partner exclusivity for all three codes of racing in the state.
“We are pleased to have extended retail exclusivity for wagering in South Australia and look forward to continuing to work with the Government, our venue partners and South Australian racing on supporting a vibrant racing and wagering industry,” said Tabcorp Managing Director and CEO, David Attenborough.
The new arrangements are expected to have an annual EBIT impact of approximately AUD$2.0m, according to the company.
Shares in Tabcorp Holdings Ltd. (ASX:TAH) closed in Sydney Friday up 2.26 per cent at AUD$4.52 per share.