Tabcorp Agrees Co-Mingling of Tote Pools with Singapore26th October 2009 8:30 am GMT
Complimenting the deal signed earlier this year which introduced a greater exchange of races between Australia and Singapore, Tabcorp and the Singapore Turf Club have entered into a new agreement for the co-mingling of the Singapore and Australian tote pools next year.
In the first phase of the co-mingling agreement, Tabcorp will guest into Singapore's pools for betting on Singapore racing. The second part of the agreement will involve Tabcorp hosting Singapore pools for betting on Australian racing.
The co-mingling of tote pools brings significant benefits to customers in both jurisdictions, with the bigger betting pools creating more stable dividends and making it more attractive for customers to bet. The respective racing industries also benefit through the returns derived on the increased wagering on their races.
Tabcorp already co-mingles its SuperTAB pool with both New Zealand and South Africa.
"Tabcorp and the Singapore Turf Club have worked hard to make our partnership a commercial success and the co-mingling of our tote pools is the next exciting step," said Robert Nason, Tabcorp's Managing Director of Wagering.
"We look forward to being able to deliver significant benefits to our customers, as well as the Australian and Singaporean racing industries, who will financially benefit from the increased wagering on their racing. The expansion of Sky Racing in 2010 will assist in the promotion of wagering on Singaporean racing, as the new channels will give Sky the capacity to cover every Singapore race meeting."
Yu Pang Fey, President and Chief Executive of the Singapore Turf Club, said: "We are delighted to enhance our business partnership with Tabcorp once again, this time in the co-mingling of the Singapore and Australian pools.
"We started working with Tabcorp earlier this year to bring simulcast races to each other's countries and the co-mingling of our pools is a natural progression of our partnership with Tabcorp. We look forward to working with Tabcorp for many more years to come."
Shares in Tabcorp Holding Limited (Co. Profile) (ASX:TAH) closed earlier today at AUD$7.43 per share in Sydney.