Australian gambling firm Tabcorp Holdings Limited is hailing Victoria's new gambling structure as a new era for the company.
Tabcorp is now operating the Australian State's Victorian Wagering and Betting License and is entering a joint venture with the Victorian Racing Industry. Tabcorp's new license allows it to offer on and off course betting on greyhound, thoroughbred, and harness racing, as well as sports betting and other events.
A Tabcorp spokesman has said that since 1994, when the company originally was granted a Victorian Wagering and Gaming license, that the joint venture with the Victorian Racing Industry has generated more than A$5.4 billion in three racing codes.
As part of the new arrangements, the Victorian Racing Industry will get at least $1 billion from Tabcorp from a period of this week and the fiscal end of 2015. Tabcorp had paid A$1.12 billion in gaming taxes for the fiscal year 2012. A$817.9 billion of this went to the state of Victoria.
Speaking about the issue, Tabcorp CEO David Attenborough said: "We have maintained a strong focus on ensuring the transition to Victoria's new gambling environment is seamless for our customers, venue partners and other stakeholders. I would like to acknowledge the hard work and commitment of our employees in helping to achieve this."
"The launch of TGS and the new Victorian Wagering and Betting Licence are valuable growth opportunities for our business. Following the award of the new wagering licence, we have been making major investments in the network to give Victorians who enjoy their racing and sport the world's best products and services."
As well as its Victorian business, Tabcorp also specializes in:
Wagering in NSW through a TAB-branded network of approximately 2,100 agencies and licensed venues, as well as on-course, telephone and online channels.
TAB Sportsbet, the national leader in fixed odds betting on sport, racing and other events, distributing its products through Tabcorp's retail network, as well as online, telephone and on-course channels.
Luxbet, a national online racing and sports bookmaking business, based in the Northern Territory.
The Sky Racing media business which broadcasts more than 85,000 races a year to 2.4 million homes, 5,400 commercial outlets and 31 countries.
Keno through more than 2,800 distribution points in NSW and Queensland.