Australia gambling giants merger approved after setback

SYDNEY: A merger between Australian gambling giants Tabcorp and Tatts is back on track afteratribunalyesterdayapproved the A$8.6 billion (US$6.5 billion) deal following a court-ordered review on competition concerns.

The decision by the Australian Competition Tribunal (ACT) revives the long-planned push by TabcorpandTatts–firstannounced in October last year – to forge closer ties to try to cut costs and pursue opportunities globally.

“The tribunal is satisfied in all the circumstances that the proposedmergerwould result, or would be likely to result, in such a benefit to the public that the acquisition should beallowedtooccur,” ACT said in a statement.

Tatts Group has a betting shop network in the states of Queensland, SouthAustraliaand Tasmania and also operates a lotteries business.

TabcorpHoldings runs similar operationsinVictoriaand NewSouthWales,withabroadcastingandmediaarmbuiltaroundSky Racing.

It also owns Odyssey Gaming, a Queensland gaming monitoring business. The firms both compete in online gambling.

ACTsaidTabcorpwouldbegranted authorisation to acquire shares in Tatts, subject to the condition that it sells Odyssey Gaming.

It added that the “detriments identified” by Australia’s competition watchdog, the ACCC, were “unlikely to either arise or are not otherwise material”. — AFP