Tabcorp Wins Exclusive Betting License in Victoria for $578 Million

Tabcorp, Australia’s leading bookie, has won the exclusive rights to a new betting and wagering license in Victoria for the next 20 years, Reuters reports.

The gambling giant has agreed to pay $578 million for the license, which it has held since 1994. In response to this news, Tabcorp’s stock soared by as much as 24.8%, marking a potential record-breaking surge in intraday trading.

Tabcorp will pay a license fee of about $406 million to Victoria’s government in June and 19 annual payments of $20.3 million commencing August 2025.

CEO Adam Rytenskild emphasized, “Significantly, the terms of this agreement will place Tabcorp on a level playing field with our competitors for the first time in Victoria.”

It’s worth noting that the bookie signed its current agreement with the Victorian government in 2011, paying $277.6 million to run retail outlets exclusively.