The Victorian Racing Industry and Tabcorp sign a new 12-year landmark wagering and betting agreement The three codes of the Victorian Racing Industry (VRI) and Tabcorp Wagering (Vic) Pty Ltd today signed the joint venture agreements for the 12-year term of the new Wagering and Betting Licence which was awarded to Tabcorp Wagering by the Victorian Government in July 2011.Today's historic agreement signing heralds the beginning of a renewed joint venture partnership between Tabcorp, Racing Victori

The Victorian Racing Industry and Tabcorp sign a new 12-year landmark wagering and betting agreement

The three codes of the Victorian Racing Industry (VRI) and Tabcorp Wagering (Vic) Pty Ltd today signed the joint venture agreements for the 12-year term of the new Wagering and Betting Licence which was awarded to Tabcorp Wagering by the Victorian Government in July 2011.

Today's historic agreement signing heralds the beginning of a renewed joint venture partnership between Tabcorp, Racing Victoria, Harness Racing Victoria and Greyhound Racing Victoria and also continues a long and successful relationship that has operated since 1994. Special purpose racing industry companies VicRacing Pty Ltd and Racing Products Victoria Pty Ltd are also parties to the agreements.

The new agreements, which commence in August 2012, relate to Tabcorp's licensed conduct of pari-mutuel and fixed odds betting and the operation of the only off-course retail network in Victoria. In addition, the licence permits Tabcorp to establish and operate a betting exchange in Victoria and to continue to conduct the simulated racing game Trackside.

The joint venture agreements provide a strong financial platform for the three codes of the VRI over the term of the licence which will deliver a 50/50 profit share between the VRI and Tabcorp and continue the Government's commitment to delivering a 'no less favourable' outcome for the Victorian Racing Industry.

Chairman of VicRacing Pty Ltd, Robert Roulston said "We are thrilled to once again partner Tabcorp and congratulate its Chief Executive Officer, David Attenborough and his team for the goodwill which they have brought to the table in settling the detailed agreements that govern the new joint venture's operation.

"The VRI looks forward to a highly successful partnership that will be greatly beneficial to racing, to Tabcorp, to our racing and wagering customers and to the broader Victorian community."

Racing Victoria Chairman Michael Duffy said "We are very pleased to bring to a successful conclusion this landmark agreement that aligns the interests of racing and Tabcorp over the next 12 years."

Greyhound Racing Victoria Chairman, Peter Caillard said "There is no doubt the current Tabcorp -Victorian Racing Industry partnership has contributed to Victoria maintaining its position as Australia's premier greyhound racing state.

"Over the past 18 years under this partnership, greyhound racing's share of wagering revenue has risen from 9 percent to more than 20 percent. GRV thus looks enthusiastically to continuing the evolution of greyhound racing in Victoria under the new Partnership Agreement with Tabcorp."

Harness Racing Victoria Chairman, Ken Latta said "Harness Racing Victoria (HRV) is pleased to be an integral member of the new joint venture between the racing industry and Tabcorp. HRV has enjoyed a strong relationship with Tabcorp over many years, Tabcorp being the naming rights sponsor for the Victorian home of harness racing at Melton, known as Tabcorp Park, and Tabcorp has also been a sponsor of our marquee events the Breeders Crown and the Hunter Cup.

"HRV is delighted to be continuing the relationship for another 12 years for the benefit of the entire racing industry."

Tabcorp Chairman Paula Dwyer said the successful signing of the formal arrangements would allow Tabcorp and the Victorian Racing Industry to focus on the transition to the new licence in August next year.

"Tabcorp's long-standing joint venture with the three Victorian racing codes is one of the most successful commercial partnerships in world racing and we are pleased that it will continue beyond 2012," Ms Dwyer said.

"Tabcorp has a proven track record of working innovatively with the Victorian Racing Industry and the Victorian Government. We look forward to assisting Victorian racing in building on its status as one of the world's most vibrant and progressive racing industries. Tabcorp now looks forward to a smooth transition to the new Victorian Wagering and Betting Licence in August 2012."