Tabcorp awarded new 20-year keno licence in Victoria
Tabcorp has been awarded a 20-year non-exclusive retail and digital keno licence in Victoria for an up-front payment of AU$25m.
Australia.- Racing and sports betting firm Tabcorp has confirmed that it has been awarded a 20-year non-exclusive retail and digital Keno licence in the state of Victoria. The new licence will take effect from April 15 when the current exclusive 10-year retail-only licence expires. It will run to 2042.
The new keno licensing regime follows the Victorian Government’s licensing review and subsequent measures to encourage applications. It sees a return to a pre-2012 structure with two licensed keno operators in Victoria. It includes targeted inclusion of digital support.
Tabcorp, supported by its retail partners, will continue to offer keno games to players in Victoria, supported by prize mergers with other key keno markets.
Managing director, lotteries and keno, Sue van der Merwe said: “Tabcorp is pleased to continue its partnership with the Victorian Government. with the longer term and expanded channel flexibility offered under this licence.
“The new structure will allow us to continue offering Victorian players a world-class Keno product and responsibly grow the game further, backed by our extensive retail and brand presence and the expertise gained from our existing Keno online business.”
Tabcorp also holds sole long-term licences to operate keno in New South Wales (together with its co-licensee, ClubKeno Holdings until 2050), ACT (2064), South Australia (2052) and Queensland (2047).
Tabcorp reports a 2.2% increase in revenue
Tabcorp reported an increase in revenue in the first half to AUD2.93bn (US$2.11bn). That’s a 2.2 per cent increase from the prior period, boosted by lotteries and keno operations.
Group-wide profit fell 5.4 per cent year-on-year to AUD175m (US$126m), but lotteries and keno recorded a 10.9 per cent increase in revenue to AUD1.74bn (US$1.25bn). EBITDA rose15.1 per cent to AUD358m (US$258m).
The sports betting and media segment retracted 9.8 per cent to AUD1.07bon (US$770m). The division’s EBITDA dropped 34.8 per cent to AUD148m (US$107m). However, this was mostly due to the obligatory shuttering of retail operations in NSW because of pandemic restrictions.
