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Tabcorp Confirms Break-up Offers from Multiple Parties

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Tabcorp Confirms Break-up Offers from Multiple Parties
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Tabcorp has confirmed it has been approached about potential deals that would split its underperforming wagering business from the lottery business but cautioned the interest from multiple parties might not lead to a deal.

In response to media reports, the gambling giant confirmed in an ASX statement that it had received “a number of unsolicited approaches and proposals” regarding its wagering and media business. Tabcorp cautioned that the interest from multiple parties might not lead to a transaction.

“The proposals were expressed to be confidential, indicative, non-binding and subject to numerous conditions including due diligence, financing and various regulatory approvals,” Tabcorp said.

There is no certainty that any transaction will occur. The Tabcorp board is assessing the proposals and Tabcorp will update the market in due course,” it said.

Tabcorp investor Sandon Capital has gone further by advocating for a split of the business to deliver value to investors. “It validates our view that there is interest in the business and that market prices previously have not reflected anywhere near its true value,” Sandon Capital managing director Gabriel Radzyminski said.

“When we wrote to the company in November, we believed it was now the time to rethink the whole strategy, plus there was the change of chair,” he said.

“That effectively means it’s a new board because the dynamics change. It was an opportunity for a new board to start with a blank sheet of paper and say, right, here’s what we’ve got. But what should we be?”

Tabcorp’s traditional wagering business, which was already struggling against online competition, had a tough year in 2020 with COVID.

Tabcorp was forced to raise $600 million last August to weather the pandemic storm and slash the value of its wagering business by $1 billion in its full-year accounts after it was hammered by the forced closure of pubs, clubs and betting shops, and the suspension of sporting leagues.

It pushed the group to an $870 million annual loss for the 2020 financial year, compared with a $361 million profit in 2019.

Australia

Sally Pitkin and Gerard Bradley to Step Down from Star Entertainment Board

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Two non-executive directors of the Star Entertainment Group have announced their intention to step down from the Board.

According to an ASX announcement by the company on Friday following another damaging week of public hearings – part of a regular review into Star’s suitability to retain its casino license for The Star Sydney – non-executive directors Sally Pitkin and Gerard Bradley will both stand down in the coming months. Pitkin will step down “by the end of the financial year” and Bradley “in the coming months”, the announcement said, with other changes expected to occur in due course.

Having largely dodged scrutiny in recent years while Crown endured an inquiry in NSW, home to Crown Sydney, and Royal Commissions in Victoria and Western Australia, home to Crown Melbourne and Crown Perth, Star now finds itself treading a familiar path as it fights to save its reputation.

In Friday’s ASX filing, Star said it “notes the evidence in relation to Board renewal given in the public hearings in connection with the review of The Star Sydney being undertaken by Mr Adam Bell SC.

“As advised on 1 April 2022 in announcing the appointment of interim Executive Chairman John O’Neill AO, the Board acknowledged the need for accelerated Board change and would embark on a program of renewal in a timely manner. The Board is also mindful of the need for stability in this transitional period.”

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Australia

SPORTRADAR SELECTED BY AUSTRALIAN ICE HOCKEY LEAGUE TO PROVIDE INDUSTRY-LEADING TECHNOLOGICAL SOLUTIONS

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SPORTRADAR SELECTED BY AUSTRALIAN ICE HOCKEY LEAGUE TO PROVIDE INDUSTRY-LEADING TECHNOLOGICAL SOLUTIONS
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The Australian Ice Hockey League (AIHL) announced a major data and AV distribution rights partnership with Sportradar (NASDAQ: SRAD). Sportradar acquires the worldwide data and audio-visual distribution rights, excluding Australia and New Zealand, through to the end of the 2024 season.

As the leading global sports technology company creating immersive experiences for sports fans, Sportradar will deliver a range of advanced technological solutions. One of the main solutions is Connected Stadium, a state-of-the-art automated technology that captures live games and enhances the quality of video production for a more engaging fan experience. The Connected Stadium camera system will be installed in six league venues by 2024, starting with the O’Brien Icehouse in Melbourne. The live feed from the camera system will be used by both local and international broadcasters to help increase viewership and build a larger fanbase for the AIHL.

All eight teams in the AIHL will also be able to use the Synergy coaching and scouting platform, offering full access to videos and detailed analytics to assist with the process of scouting and drafting of players.

Sportradar will also help safeguard the AIHL’s integrity, providing access to the Universal Fraud Detection System (UFDS), its globally leading bet monitoring and match fixing detection service. This new relationship increases Sportradar Integrity Services’ portfolio of ice hockey partners to ten different leagues around the world, including the National Hockey League and Canadian Hockey League in North America, and the Champions Hockey League in Europe.

David Edwards, Sportradar’s Director of Sports Media & Sports Partnerships – Oceania, said: “The suite of industry-leading technology solutions that we provide is vital for the AIHL to engage a wider audience and grow the profile and participation in ice hockey, both in Australia and other key regions. This is a great opportunity for us to showcase how our expertise and technological capabilities are used to support sports federations and leagues in this region.”

Peter Hartshorne, Chairman of the AIHL, said: “As we ramp up our efforts to grow the AIHL, with the addition of two more teams over the next three years, it is imperative that we have the right technological solutions to realise the league’s commercial potential. With Sportradar’s track record with some of the world’s largest sports leagues, we are confident that this partnership will yield positive results in the near future.”

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Australia

The Star Suspends All Rebate Play Programmes

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The Star Entertainment Group is suspending its domestic and international rebate play programmes while it addresses issues arising from its royal-style commission inquiry in NSW.

Rebate programmes are often used by casinos to attract VIP players – typically either through a rebate on buy-in or a rebate on actual loss.

Earlier this year, The Star’s then-chief casino officer, Greg Hawkins, was questioned about his involvement in a practice in which The Star would switch local players to its international rebate programme in order for the casino to save on gaming taxes.

Hawkins conceded that some staff on the main gaming floor were tasked to encourage eligible players to sign up for its international rebate programme.

“The board has resolved to immediately suspend rebate programs for both domestic and international players across all its casinos until further notice,” said The Star in a filing on Monday morning.

“The Star will work with gaming regulators to address various identified risks as part of ongoing reviews of systems and processes.”

The casino company said it has also engaged with external advisors and continues to work to further improve its systems and processes.

“In light of the Covid-related impacts on this part of the business, the decision to suspend rebate programs is not expected to have any material impact on earnings for FY22,” said the company.

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