Australian betting firm Tabcorp has announced that it plans to appeal a Supreme Court decision that went against them earlier this month related to a betting contract that the group reportedly had with the State of Victoria.
Tabcorp claims that the State of Victoria owes them A$686 million as part of a back payment and interest related to betting services that the group provided for the state. That claim was struck down by the Australian Supreme Court earlier this month, and Tabcorp will now take the case higher to the country's Supreme Court.
Commenting on the matter a Tabcorp statement read: "If special leave is granted, Tabcorp will appeal the Court of Appeal’s decision to the High Court of Australia and seek an order for a payment of approximately $686 million plus statutory interest from the State of Victoria."
"Tabcorp’s claim is that the State of Victoria was obliged to make the payment to Tabcorp in August 2012, when Tabcorp’s gaming and wagering licences expired and new licences were granted. The claim is based on a statutory provision included in legislation from 1994 when the State privatised the Victorian TAB and listed Tabcorp on the Australian Securities Exchange. Tabcorp’s initial public offering was underpinned by this statutory entitlement."