The Victorian Racing Industry (VRI) is pleased to advise that it has reached mutual agreement with Tabcorp on the relevant terms relating to the conclusion of the VRI and Tabcorp Joint Venture (VicTAB JV).
The Victorian State Government announced in December 2023 that Tabcorp has been awarded the New Victorian Wagering Licence which takes effect from August 2024.
The VicTAB JV and associated industry funding agreements which have been in place through multiple iterations over a period of 30 years will conclude at the same time.
The VRI and Tabcorp have reached mutual agreement on the following key terms:
- A fixed minimum guaranteed amount of funding for the VRI for the balance of the current VicTAB JV term, providing the three codes of Victorian racing with important near-term funding certainty and a further incremental financial benefit as the VRI transitions to a new future industry funding framework; and
- A further $45 million in additional funding payments to be paid by Tabcorp to the VRI in instalments of $15 million in each of the first three years of the new licence period.
- VicTAB customer data is retained by Tabcorp and remains secure.
The total financial return to the VRI from these final arrangements will be shared among the three racing codes.
The agreement to conclude the VicTAB JV and the establishment of a new VRI funding framework with the support of the State Government marks the start of a new era. Importantly, it provides the VRI with certainty to help underpin a growing, sustainable, and pre-eminent VRI moving forward.
With terms now agreed to wind-up the historical VicTAB JV arrangements, the VRI will sharpen its focus on working with Tabcorp and the State Government to establish clear and suitable plans for other operational licence transition elements, including on-course venue service models.
The VRI congratulates Tabcorp on successfully winning the New Victorian Wagering Licence and looks forward to shaping a new partnership for the benefit of all parties.
About Victorian Racing Industry
The Victorian Racing Industry (VRI) features three codes of racing – thoroughbred, greyhound and harness racing. The three representative bodies that collectively make up the VRI are Racing Victoria, Greyhound Racing Victoria and Harness Racing Victoria.