Tabcorp's Milestone: Securing Exclusive Licence in Victoria

December 18, 2023 06:23 PM AEDT | By Team Kalkine Media

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Tabcorp's Milestone: Securing Exclusive Licence in Victoria — Image source: © Asolano97 | Megapixl.com

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Shares in Tabcorp (ASX:TAH), a prominent bookmaker in Australia, are poised for a historic surge following the announcement that it has secured exclusive rights to a new betting and wagering licence in Victoria for the next two decades.

Tabcorp has held this licence since 1994, making it a crucial element of the company's operations and market presence.

The company is set to pay an approximate value of AU$864 million for the licence, with specific payments scheduled over the upcoming years.

Market Response and Share Surge

Following this announcement, Tabcorp's shares saw a surge of 23.13%, positioning the company as the leading gainer on the ASX 200 benchmark.

Statement from Tabcorp's Leadership

Tabcorp's Managing Director and CEO expressed satisfaction at the agreement, emphasizing its role in establishing fair competition.

Analyst Insights and Market Reaction

Analysts at Jefferies viewed this exclusive licence win positively, forecasting a significant annual earnings uplift for Tabcorp.

Comparison with Previous Agreement

This exclusive licence stands in contrast to Tabcorp's previous agreement, signifying changes in financial structures and operational strategies.

In conclusion, Tabcorp's achievement of securing an exclusive licence in Victoria marks a monumental milestone for the company, reshaping its future prospects and market standing.

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