Tabcorp Rejects Ladbrokes Joint Venture Proposal
Australian wagering company Tabcorp has reportedly rejected a proposal from gambling giant Ladbrokes for the possible partnership which will have created Australia’s bookmaker that is largest. Reportedly, talks regarding the matter started in late 2013.
The UK-based company was looking for means to enter the Australian online gambling market and to leapfrog rivals that had introduced their services in that particular market much previously. And Ladbrokes considered combining operations with those of Tabcorp as the most useful feasible way to attain its objective.
Nevertheless, local news reported that Tabcorp ceo David Attenborough would not just take a long time before rejecting the proposition. By the full time that happened, the operator ended up being already holding the share that is biggest in Australia’s online gambling market.
Within the last many years, Australia has converted into perhaps one of the most competitive and dynamic gambling markets in the entire world. Following a failed deal, Tabcorp saw its share of Web gambling income in Australia drop from 30% to 25%. In terms of Ladbrokes, it presently holds a 7.5% market share there.
The UK-based gambling operator made its very first make an effort to enter the Australian gambling market last year, whenever there were ongoing talks to get Sportingbet. Nevertheless, the deal never ever got finished. The company later on entered Australia through its purchase of Gaming Investments for approximately A$22.5 million. Continue reading “Tabcorp Rejects Ladbrokes Joint Venture Proposal”