Tabcorp has secured a 20-year license extension that will see it remain as Victoria’s sole retail sportsbook operator. [Image: Shutterstock.com]

Tabcorp will remain as the only provider of retail sports betting in Victoria after securing a 20-year license extension. A number of other operators were vying to break into the market, including Sportsbet and Ladbrokes.

an initial payment of AU$600m (US$404m)

Tabcorp will be able to offer retail betting in clubs and pubs through its TAB brand in exchange for an initial payment of AU$600m (US$404m). It will then have to pay AU$30m (US$20m) annually for the remainder of the 20-year deal.

The new contract also contains an obligation for the Tabcorp-based operator to contribute AU$2m (US$1.4m) towards problem gambling programs and gambling harm research projects in the region. Tabcorp CEO Adam Rytenskild welcomed the extension, saying that it is “the best license in the country now.”

At one stage during the application process, the Victorian authorities considered allowing numerous brands to operate in the state’s betting market at the same time. Tabcorp backed the plan to allow multiple online operators once the retail license was still exclusive. While Sportsbet was in favor of splitting the retail license, Tabcorp said it wouldn’t share its database if this structure became a reality.