We asked industry and the community to read and respond to a discussion paper on the Victorian wagering and betting licensing arrangements. The discussion paper can be downloaded below.
The aim of this process was to gather information to inform future wagering and betting licensing arrangements. Eleven submissions were received in response to the discussion paper. The submissions can be viewed below.
Thank you to those who made submissions.
In July 2011, Tabcorp Wagering (Vic) Pty Ltd (Tabcorp) was awarded the Wagering and Betting Licence (licence) for 12 years beginning in August 2012 and ending on 15 August 2024.
The licence allows Tabcorp to:
- conduct pari-mutuel and fixed odds betting
- operate the only off-course retail wagering network in Victoria
- establish and operate a betting exchange, and
- conduct approved simulated racing events.
The licence required the licensee to enter into a Joint Venture Agreement (JVA) with the Victorian racing industry (VRI) for the duration of the licence. Under the JVA, a share of the revenue from wagering and betting conducted under the licence is paid to the VRI to support thoroughbred, harness and greyhound racing.
The VRI is a significant contributor to the Victorian economy. An industry study undertaken in 2018 found that Victorian racing provides an annual economic contribution of more than $4.3 billion and supports more than 33,800 full-time equivalent jobs.