Tabcorp enters into agreements with CrownBet
Tabcorp Holdings Limited (Tabcorp) today announces that it has entered into the following agreements with CrownBet Pty Limited (CrownBet) in relation to the:
- Settlement of CrownBet's opposition to the proposed combination (Transaction) of Tabcorp Holdings Limited (Tabcorp) and Tatts Group Limited (Tatts) in the Australian Competition Tribunal (Tribunal) (ACT Settlement)
- Settlement of the proceedings commenced by CrownBet in the Supreme Court of NSW in relation to the legal status of their proposed arrangements with clubs in NSW (NSW Settlement)
- Supply of digital racing vision to CrownBet's customers (Vision Supply Agreement)
CrownBet has agreed not to apply for judicial review of the Tribunal's decision on 22 November 2017 to grant authorisation for the Transaction. CrownBet has also agreed not to take any action which would impede the implementation of the Transaction.
CrownBet has agreed not to commence any further court proceedings in relation to the subject matter of the NSW Supreme Court declaration it was previously seeking in relation to the legal status of their proposed arrangements with clubs in NSW.
Vision Supply Agreement
Tabcorp has agreed a commercial arrangement with CrownBet for Tabcorp to supply a digital stream of SKY 1 and SKY 2 to CrownBet for the personal use of its Australian wagering customers on their own mobile and PC devices. Supply of vision is conditional on the agreements Tabcorp has with each Australian racing code and each international jurisdiction and also on implementation of the combination with Tatts. Under the commercial terms of the arrangement, CrownBet will make payments to Tabcorp, subject to an annual minimum amount.
For more information: Media: Nicholas Tzaferis, GM Corporate Affairs, +61 3 9868 2529
Financial analysts: Sacha Krien, GM Investor Relations, +61 3 9868 2794