Tabcorp betting monopoly extended

Tabcorp Holdings Ltd has won a 20-year extension of its retail betting monopoly in New South Wales by paying $75 million to the State government under an in-principle agreement.

Tabcorp Holdings Ltd has won a 20-year extension of its retail betting monopoly in New South Wales by paying $75 million to the State government under an in-principle agreement.

It is understood there was no competitor looking to break Tabcorp's monopoly.

The exclusivity deal gives Tabcorp a monopoly on rights to TAB outlets and TAB operations in pubs and clubs.

Tabcorp's exclusivity period for its NSW retail betting licence was set to expire on June 22 but under the deal will stretch to for 20 years to June 2033.

TAB's retail network includes about 2,130 agencies, hotels and clubs in NSW.

Tabcorp chief executive officer David Attenborough said the win was "the right outcome for the NSW racing industry".

"This successful funding model returned $238.6 million to NSW's thoroughbred, harness and greyhound racing industries in FY12," he said.

Tabcorp said the extension was subject to legislative amendments.

Related Articles