Tabcorp

Last updated

Tabcorp Holdings Limited
Company type Public
ASX:  TAH
Industry Gambling
Founded1994
Headquarters Melbourne, Australia
Key people
Adam Rytenskild (CEO)
Products
Revenue$5.2 billion (2020)
Number of employees
5,000+ (2019)
Website www.tabcorp.com.au

Tabcorp is Australia's largest gambling company, employing more than 5,000 people. It is the largest provider of wagering and gaming products and services in Australia. Tabcorp is listed on the Australian Securities Exchange (ASX).

Contents

History

In 2017, Tatts Group combined with Tabcorp Holdings Limited to create a diversified entertainment group under the Tabcorp brand. The following year UBET was transitioned back into the flagship TAB brand. In July 2021, Tabcorp announced it would spin off its lotteries and keno business into a separate listed company, with Tabcorp retaining its wagering and media arm. [1] [2]

Tabcorp history

In 1961, the Victorian TAB (Totalisator Agency Board) was established, legalising off-course totalisator betting. Three years later in 1964, the NSW TAB was established, betting on two race meetings on its first day at Canterbury and Menangle.

Tabcorp was listed on the Australian Securities Exchange by the Government of Victoria in August 1994, operating a wagering and gaming licence in Victoria. [3] [4] In 1999, Tabcorp announced the acquisition of Star City Holdings and in 2000 it acquired Structured Data Systems which developed wagering and Keno systems and animated games. [5]

Tabcorp merged with Jupiters in November 2003 and in 2004, took over Tab Limited, the New South Wales based wagering and media company, including Sky Channel. [6] [7]

Matthew Slatter became CEO of Tabcorp in 2002, and oversaw the merge with Jupiters in 2003. However, after a 10% fall in profits in early 2007, he was sacked by the Tabcorp board. [8]

In 2011, Tabcorp demerged its casino operations resulting in Tabcorp's casinos business being separately listed as Echo Entertainment Group. The existing wagering, media, gaming and Keno businesses were retained by Tabcorp. [9]

In 2012, Tabcorp commenced operating Victoria's new Wagering and Betting Licence. [10] In 2014 Tabcorp acquired ACT TAB. [11] In 2016, Tabcorp acquired the gaming systems company Intecq. [12]

In May 2022, Tabcorp shareholders approved the scheme of arrangement for the demerger of the Lotteries and Keno business The Lottery Corporation [ circular reference ] from Tabcorp. [13] The Lottery Corporation commenced trading on the ASX on 24 May 2022. The Lottery Corporation operate the brands The Lott and Keno. [14]

Controversies

On 16 March 2017, Tabcorp was fined A$45 million for breaching money-laundering laws. Suspicious behaviour on 108 occasions was not reported to the Australian Transaction Reports and Analysis Centre (AUSTRAC). [15]

On 22 August 2007, an investigation by news.com.au reporters Will Temple and David Higgins revealed claims that Tabcorp had secret approval from the NSW government to loan money to "select high value wagering customers". [16]

In April 2018, the UK Gambling Commission fined Tabcorp £84,000 after its subsidiary business Sun Bets, was found to have breached gambling laws for a publicity stunt involving taking bets on Sutton United's reserve goalkeeper eating a pie during an FA Cup tie against Arsenal F.C. in February 2017. [17]

Tatts Group history

TAB Qld (TABQ) opened for business in 1962 and was listed by the Government of Queensland on the ASX in November 1999. [18] In 2000, TABQ acquired the Northern Territory TAB from the Government of the Northern Territory and in 2002, the South Australian TAB from the Government of South Australia. [19] [20] [21] In December 2002, TABQ changed its name to UNiTAB. [22]

In 2004, UNiTAB acquired Maxgaming NSW and in 2005 Tattersalls Ltd listed on the ASX and acquired Bytecraft. Tattersalls Ltd and UNiTAB conducted a merger of equals in 2006 under the Tattersalls brand. In 2007, Tattersalls acquired Talarius and Golden Casket and changed its name to Tatts Group.

In 2010, Tatts Group acquired NSW Lotteries. In 2012, Tatts Group acquired SA Lotteries and Tote Tasmania. In 2014, Tatts Group secured a Queensland wagering deal with 30 years exclusivity, and in the same year Victorian Instant Scratch-Its returned to Tatts Group. In 2015, Tatts Group launched Set For Life and UBET. [23] In 2016, Tatts Group launched the Lott and MAX as well as securing a 15-year monitoring licence. In the same year, Tatts Group sold Talarius to Novomatic.

Wagering and Media

Tabcorp was the market leader in Australian wagering, operating under the TAB brand until the 2020 combination of Flutter's SportingBet with BetEasy.

TAB operates in 4,400+ venues across Australia and in FY18 delivered $1 billion in returns to industry partners. TAB takes 1.1 billion bets annually and has 57% revenue market share. [24]

Gaming Services

MAX operates gaming services across 3,500+ venues across Australia.

Related Research Articles

A video lottery terminal (VLT), also sometimes known as a video gaming terminal (VGT), video slots, or the video lottery, is a type of electronic gambling machine. They are typically operated by a region's lottery, and situated at licensed establishments such as bars and restaurants.

Online gambling is any kind of gambling conducted on the internet. This includes virtual poker, casinos, and sports betting. The first online gambling venue opened to the general public was ticketing for the Liechtenstein International Lottery in October 1994. Today, the market is worth around $40 billion globally each year, according to various estimates.

In 2017, Tatts Group combined with Tabcorp Holdings Limited under the Tabcorp brand.

Lotteries in Australia include various lottery related products licensed by The Lottery Corporation, The Lottery Office and Lotterywest Australian lottery companies. Lotteries operators are licensed at a state or territory level, and include both state government-owned, not-for-profit and private sector companies. Most major Lotteries have now moved into the online marketplace.

<span class="mw-page-title-main">Totalisator Agency Board</span> Gambling agencies in Australia, New Zealand and South Africa

The Totalisator Agency Board, universally shortened to TAB or T.A.B., is the name given to monopoly totalisator organisations in Australia, New Zealand and South Africa. They operate betting shops and online betting. They were originally government owned, but in Australia most have been privatised. In Victoria, for instance, the Victorian Totalisator Agency Board began operating in March 1961 as a state enterprise, and was privatised in 1994.

<span class="mw-page-title-main">Atlantic Lottery Corporation</span> Atlantic Canada lottery organization

The Atlantic Lottery Corporation (ALC), branded as simply Atlantic Lottery or Loto Atlantique, is a Canadian organization that provides government-regulated lottery products in Atlantic Canada. They offer a wide range of games, from draw games to online bingo; breakopen tickets to sports wagering; and games in both social settings and online.

<span class="mw-page-title-main">TAB New Zealand</span> Statutory monopoly for New Zealand sports betting

TAB New Zealand, previously known as the New Zealand Racing Board (NZRB) and the Racing Industry Transition Agency (RITA), is a statutory monopoly for New Zealand sports betting, including betting on horse racing and greyhound racing. It was established under the Racing Act 2003 to operate the TAB, promote the racing industry and maximise the profits of the industry. It broadcasts racing on two television channels TAB Trackside 1 and TAB Trackside 2.

<span class="mw-page-title-main">Light & Wonder</span> American electronic gaming and gambling company

Light & Wonder, Inc., formerly Scientific Games Corporation (SG), is an American corporation that provides gambling products and services. The company is headquartered in Las Vegas, Nevada.

New South Wales Lotteries, is a corporation owned by the Government of New South Wales in Australia. Since 2 March 2010, it has been operated by Tatts Group Limited under a 40-year exclusive licence. It runs games of chance through a network of agents, most of which are newsagencies. It falls under the government portfolio of Gaming and Racing and is governed by the Public Lotteries Act 1996.

<span class="mw-page-title-main">Golden Casket</span> Lottery brand in Queensland

Golden Casket is the lottery corporation in Queensland. It sells lottery tickets and Instant Scratch-Its (scratchcards) through newsagents and other convenience stores. Lottery draws are televised on Channel Seven five nights a week.

<span class="mw-page-title-main">George Adams (businessman)</span>

George Adams was an Australian publican and lottery promoter best known as the founder of Tattersall's.

RadioTAB is a radio station primarily covering horse and greyhound racing in Australia and internationally, operated by Tabcorp, which operates the Totalisator Agency Boards based in Queensland, Tasmania, South Australia and Northern Territory. RadioTAB's studios are in Brisbane City.

<span class="mw-page-title-main">Gambling in Australia</span>

Gambling is an activity undertaken by many Australians. In 2022, 72.8% of Australian adults gambled within the previous 12 months and 38% of Australian adults gambled at least once per week. In 2017, Australians were estimated to lead the world with the highest gambling losses on a per-capita basis.

Luxbet was an online betting company based in the Northern Territory, Australia. Luxbet was licensed by the Northern Territory Racing Commission and provided racing, sports and novelty betting options which encompass horse racing, harness racing, greyhound racing and feature racing, as well as American football, Australian rules football, baseball, rugby league, soccer matches and tennis. Luxbet offers betting options through telephone, internet and mobile applications.

Zeljko Ranogajec is a businessman and professional gambler from Australia. The London-based Ranogajec is known for horse betting, blackjack and other forms of advantage gambling.

Gambling in Norway is illegal for the most part. Norsk Tipping and Norsk Rikstoto are the 2 only companies allowed to offer gambling services to Norwegian citizens. Norsk Tipping offers games like lotteries, sports betting, Keno and several others. Norsk Tipping is wholly state-owned company under the jurisdiction of the Ministry of Culture and Church affairs, with rules about what times of day, and how much money players can bet. As of January 2019 all players have to be over 18 years of age to play all games of Norsk Tipping, including scratch tickets. Norsk Rikstoto is also state-owned and is the only company authorised to arrange horse race betting.

<span class="mw-page-title-main">Jumbo Interactive</span> Australian lottery company

Jumbo Interactive Limited is an Australian corporation and reseller of lottery games in Australia under agreement with government licensed lottery operator Tatts Group. Jumbo Interactive operates ozlotteries.com, one of Australia's largest e-commerce websites retailing Australian lotteries, such as Saturday Lotto, Oz Lotto and Powerball. Jumbo Interactive is a publicly listed corporation on the Australian Stock Exchange (ASX:JIN).

<span class="mw-page-title-main">Tom Waterhouse</span> Australian businessman (born 1982)

Thomas Robert Waterhouse is an Australian businessman, Chief Investment Officer of Waterhouse VC, Director of TomWaterhouse.com, co-founder of investment firm ListedReserve.com. He is the fourth generation of the Waterhouse racing dynasty and the grandson of one of the first official bookmakers in Australia.

<span class="mw-page-title-main">Quicksilver (company)</span>

Quicksilver is a British amusement arcade and gambling machine company. It is the UK's largest slot gambling machine operator, with over 200 high street outlets and about 10,000 gambling machines. Quicksilver describes itself as the "largest amusement business in the UK".

References

  1. ↑ Tabcorp announces intention to demerge Lotteries & Keno, Creating Tow Market Leading Companies. Tabcorp. 5 July 2021.
  2. ↑ Tabcorp knocks backs suitors and will proceed with demerger. TDN Australia. 6 July 2021.
  3. ↑ Tabcorp float scrapes floor at $2.25. Australian Financial Review . 15 August 1994.
  4. ↑ Corporate. Tabcorp.
  5. ↑ OK for Tabcorp's Star City takeover. Australian Financial Review. 7 October 1999.
  6. ↑ Former investors. Tabcorp.
  7. ↑ Tabcorp takes Management Control of Tab Limited. Tabcorp. 6 July 2004.
  8. ↑ "Tabcorp sacks CEO Matthew Slatter". 14 March 2007.
  9. ↑ Demerger of Echo Entertainment Group. Tabcorp.
  10. ↑ Staff, Racing com. "RV welcomes announcement of new Wagering Licensee". RACING.com. Retrieved 29 December 2020.
  11. ↑ Lawson, Kirsten (30 July 2014). "Tabcorp buys ACTTAB in $105.5 illion deal". Canberra Times . Retrieved 29 December 2020.
  12. ↑ "Tabcorp buys gaming systems group INTECQ for $128m". Australian Financial Review . 31 July 2016. Retrieved 29 December 2020.
  13. ↑ "Demerger of The Lottery Corporation approved by Court". Listcorp. 20 May 2022. Retrieved 24 May 2022.
  14. ↑ "Our Brands". The Lottery Corporation. 24 May 2022. Retrieved 24 May 2022.
  15. ↑ Ryan, Peter (16 March 2017). "Tabcorp fined $45 million for breaching counter-terrorism financing laws". ABC News. Australian Broadcasting Corporation. Retrieved 17 March 2017.
  16. ↑ Will Temple and David Higgins (22 August 2007). "Govt in secret betting scandal". News.com.au. Retrieved 10 November 2008.
  17. ↑ "Gambling Commission issues Tabcorp with 'Piegate' penalty package Bet". 16 April 2018. Retrieved 18 April 2018.
  18. ↑ Admission to Official List Australian Securities Exchange 15 November 1999
  19. ↑ Advice re Northern Territory TAB TABQ 14 April 2000
  20. ↑ To Acquire South Australian TAB TABQ 15 August 2001
  21. ↑ Update on Acquisition of South Australian TAB TABQ 8 January 2002
  22. ↑ Certificate of Registration on Change of Name to Unitab Ltd Unitab 3 December 2002
  23. ↑ "Tatts to roll out 50 UBET stores in 2015". SBS News . Retrieved 5 January 2021.
  24. ↑ 2019 Macquarie Australia Conference presentation
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