Tabcorp completes retail shortfall bookbuild

Business News

Tabcorp says it is now poised to claw back lost market share in Queensland as the state’s racing industry braces for a $20 million black hole in January.

As part of the merger deed between Racing Queensland and Tabcorp, a “top up figure” was put in place for the first few years if Tabcorp’s payments under the existing product agreement fell short of an agreed target.

The top ups end in December and with last year’s figure being $19 million, it leaves a significant short fall for Racing Queensland to plug come January 1 next year.

Tabcorp’s managing director, wagering and media Adam Rytenskild said completion of the integration of the former UBET states comprising Queensland, South Australia, Northern Territory and Tasmania onto Tabcorp’s full digital offering should see results start to turn around.