Australia

BetMakers Ditches Plans to Acquire Wagering and Media Business of Tabcorp

Published

4 years ago

July 6, 2021

Niji Narayan

BetMakers Ditches Plans to Acquire Wagering and Media Business of Tabcorp

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BetMakers has ditched its plans to acquire the wagering and media business of Tabcorp after the latter announced plans to demerge its lotteries and Keno business.

The demerger, which would create two standalone ASX-listed companies, follows the conclusion of a strategic review by Tabcorp to maximise value for shareholders.

If it goes ahead there will be two companies on the ASX with “distinct operating profiles, strategies, and growth opportunities”: Lotteries & Keno Co (comprising TAH’s lotteries and Keno businesses) and Wagering & Gaming Co (made up of TAH’s wagering & media and gaming services businesses).

As such, BetMakers Technology Group has decided to ditch plans for a partial takeover of Tabcorp, and will instead continue discussions with the company in relation to commercial opportunities in international markets.

“Having received clarity from Tabcorp regarding the planned direction for its Wagering and Media business, BetMakers will continue discussions with Tabcorp regarding international opportunities, and we believe these opportunities have the potential to be significant,” BetMakers CEO Todd Buckingham said

“BetMakers remains firmly of the view that the company’s opportunities in regulated wagering jurisdictions, and in particular Australia and the United States, are a clear priority and we will continue to explore all opportunities that can accelerate or capitalise on this foundation.”

Related Topics:BetMakers BetMakers CEO Todd Buckingham Lotteries & Keno Co Tabcorp Wagering & Gaming Co

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.