GVC Holdings' Ladbrokes brand has secured an exclusive multi-year partnership with Tasracing, Tasmania’s governing body for horse racing.

The agreement with Tasracing and the state’s racing clubs will see Ladbrokes serve as the industry’s exclusive venue and major race day partner for at least the next three years.

From 1 August, Ladbrokes will assume naming rights to the Elwick, Mowbray and Spreyton racetracks, as well as the Tasmanian Summer Thoroughbred Racing Carnival, including the Devonport, Hobart and Launceston Cups.

The venues will be known as Ladbrokes Park Elwick, Ladbrokes Racing Centre Mowbray and Ladbrokes All Weather Spreyton.

All Tasmanian thoroughbred, harness and greyhound racing clubs are included in the agreement, with the biggest race days across all three codes taking on Ladbrokes as naming rights partner.

“Sponsorship revenue and the level of marketing support offered to clubs across all codes is set to increase significantly thanks to the Ladbrokes deal,” said Tasracing CEO Paul Eriksson. “The partnership also allows Tasracing to continue to broaden its promotion of Tasmanian racing to the national market thanks to Ladbrokes' extensive customer-base and marketing investment.

“Ladbrokes will undertake significant promotion of Tasmanian racing to the national market via its customer database, advertising and promotion. The new partnership will assist Tasracing and clubs to continue pursuing growth in race day attendance, club membership, race horse and greyhound ownership and participation in racing.”

Ladbrokes Australia CEO Jason Scott commented: “Through our existing long-term premier partnerships with the Melbourne Racing Club, Moonee Valley Racing Club and numerous greyhound clubs in NSW, Ladbrokes has developed a proud legacy of supporting the Australian racing industry and its participants.

“The chance to partner with greyhounds, harness and thoroughbreds for at least the next three years in the progressive Tasmanian market was simply too good to refuse.

“Like Ladbrokes, Tasracing and its clubs have displayed a desire to think outside the square and to innovate and we look forward to partnering with them on their quest for growth. We also look forward to embracing Tasmanian punters and participants ensuring their home-state product is treated with the respect it deserves,” said Scott.

Tasmania’s Minister for Racing, Elise Archer, welcomed the partnership and said the landmark deal was a “major boost” for Tasmanian racing.

“The partnership will open up new marketing opportunities for clubs across all codes, while also allowing Tasracing to broaden its promotion to the national market,” said Minister Archer. “The landmark deal further delivers on the Hodgman Majority Liberal Government’s commitment to ensure Tasmania’s racing industry continues to grow, with the economic benefits reaching far outside the track course.”

Shares in GVC Holdings plc (LSE:GVC) were trading down 1.03 per cent at 614.60 pence per share in London early Tuesday morning.