RQ Welcomes Tribunal Ruling on Tabcorp-Tatts

dmgakbkdbj.jpg

Racing Queensland has welcomed a ruling from the Australian Competition Tribunal granting authority for the Tabcorp combination with Tatts Group.

 

The Full Federal Court had previously set aside an earlier determination from the Tribunal and sent the matter back to the Tribunal for reconsideration.

 

The ACCC had sought a review when the Tribunal granted authorisation for Tabcorp to acquire Tatts Group in June 2017.

 

In a statement this morning the Tribunal said ‘it has reconsidered the evidence, in relation to both anti-competitive detriment and public benefit, and concluded that the merger is likely to result in such benefit that it should be permitted to proceed.’

 

RQ CEO Dr Eliot Forbes had previously welcomed the proposed combination saying it would deliver greater certainty for the Queensland Racing Industry.

 

“I look forward to working with Tabcorp to grow and enhance the Queensland racing industry. We have a deed of understanding with Tabcorp that will bring meaningful benefits to racing in Queensland.

 

“That deed will result in an increase in capital investment in the Queensland wagering business (currently UBET) across retail and on-course wagering facilities, as well as increased investment in technology, sponsorships and marketing.”

 

The Tribunal expects to publish its reasons in full on Wednesday, 22 November.