Australian racing and wagering giant Tabcorp has extended a Digital Vision Supply Agreement with its main online sports betting rival Sportsbet that will see the latter provided access to live horse racing vision for another 10 years until 31 July 2036.
Under the extension to the existing agreement, Sportsbet will be permitted to continue broadcasting vision from Tabcorp’s Sky Racing 1 and Sky Racing 2 channels on its betting app and website.
According to Tabcorp, the agreement includes a link to Sportsbet’s turnover and is expected to generate between AU$30 million and AU$40 million (US$20 million and US$26 million) in EBITDA in FY24.
“Sky is the home of racing, with more racing punter eyeballs than any other channel and is the major driver of racing wagering in Australia,” said Tabcorp Managing Director and CEO, Adam Rytenskild.
“With more than 150,000 races broadcast live around the world every year and the best team in racing, the extension of this agreement recognises Sky as one of the best and most valuable racing networks in the world.
“It’s also great news for Racing Clubs who will have more eyes on their meetings than ever before.
“The agreement extends our most significant digital rights revenue stream to 2036. Tabcorp is continuing to build momentum towards TAB25 with a new app, new products and faster speed to market as part of our transformation.”
Tabcorp was once considered the dominant player in Australia’s online sports betting market but that crown has fallen to Sportsbet in recent years with an estimated 44% market share in 2022 versus Tabcorp’s 24%.
