TATTS HAS COMPETITION FOR EXCLUSIVE LICENCE

TATTS HAS COMPETITION FOR EXCLUSIVE LICENCE

TATTS Group (ASX:TTS) is in danger of losing its right to bricks-and-mortar exclusivity for horse racing betting after Racing Queensland (RQ) opened an expressions of interest prospectus for the sector.

TTS, which pays $131 million to the Queensland racing industry each year for the privilege, loses its exclusive rights to control betting on the ground at pubs, clubs and racetracks in Queensland on June 30.

The Brisbane-based company is locked in negotiations with Racing Queensland regarding the agreement, but it will soon have competitors in the space, as RQ will give consideration to all options, including sole and multiple operator arrangements.

TTS holds a race wagering licence until 2098, so will remain at tracks regardless of the outcome of this process.

The deadline for submissions is February 28. RQ has asked for details on the investment participants will make in the industry, a vision for wagering growth, and a robust distribution network.

TTS, which is trading up 1.16 per cent at $3.045 per unit this afternoon, released a statement to the ASX saying it remains in negotiations with Racing Queensland regarding the exclusivity period.

Queenslanders wager $515 million on racing events in the state each year.

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

The party’s over: Splendour in the Grass festival cancelled for 2024

The party’s over: Splendour in the Grass festival cancelled for 2024

Splendour in the Grass, Australia’s largest winter music fest...