Tabcorp seal 20-year sports betting licence in Victoria

Business News

Shares in Australia’s Tabcorp were on track for their best day ever on Monday after the bookmaker said it had won sole rights to a new licence for betting and wagering in the state of Victoria for the next 20 years.

The racing and wagering giant said it would pay an indicative value of A$864 million ($578.53 million) for the licence, which it has held since 1994.

Shares of the firm jumped as much as 24.8% to A$0.918 as of 0213 GMT and were set for a record intraday surge, emerging as the top gainer on the ASX 200 (.AXJO) benchmark.