Tabcorp, an Australian gambling giant, has unveiled an extension to its digital content agreement with the Flutter-owned gambling company Sportsbet. Under the agreement, Sportsbet will be allowed to broadcast Sky Racing 1 and Sky Racing 2 live on its betting application and official website. Sky will serve as the exclusive provider of the deal.
As announced, the deal has been extended for 10 years, securing Sportsbet’s access to the Sky Racing service for a decade. The terms of the deal are more or less the same. The arrangement is expected to generate between AUD 30 million and 40 million by the end of FY 2024.
The deal comes after, in May, Tabcorp considered a bid for rights for the Melbourne Cup Carnival, one of the biggest racing events in Australia. The move caused some of Tabcorp’s competitors to drop out of the bidding.
One of the Most Significant Deals for Tabcorp
Addressing the current deal, Tabcorp’s managing director and chief executive officer, Adam Rytenskild, said that Sky is “the home of racing.” As such, the broadcaster attracts more bettors than any other channel in Australia and is a “major driver of racing wagering.”
According to Rytenskild, the extension of the deal cements Sky as a leading racing network.
With more than 150,000 races broadcast live around the world every year and the best team in Racing, the extension of this agreement recognizes Sky as one of the best and most valuable racing networks in the world.
Adam Rytenskild, CEO & MD, Tabcorp
The CEO added that the deal is also good news for racing clubs whose meetings will be followed by more people than ever before. He concluded that the agreement will extend one of Tabcrop’s most significant digital revenue streams for another 10 years.
Rytenskild concluded that his company continues to build momentum toward TAB25. The company’s robust pipeline will transform the racing sector with a new app, products and faster market speeds than ever before, the CEO added.
In other news, Sportsbet continues to double down on its marketing efforts in Australia ahead of a looming ban on sports betting ads. The company has invested millions in sports betting advertisements in H1 2023 alone.