Tabcorp and News UK partner to launch new online gambling business in Britain
Australian gambling group Tabcorp Holdings Limited and Rupert Murdoch's British media company News UK have announced the signing of an agreement to partner in the launch of a new online wagering and gaming business in the UK and Irish markets.
The business will be known as Sun Bets and will launch in 2016.
The new business will bring together Tabcorp's capability in global wagering with News UK's significant customer base and media assets, including print and digital newspaper The Sun and associated sports and racing products such as Dream Team FC, Favourite and Goals.
The agreement is structured as a revenue share arrangement with News UK undertaking internal and external media promotion of the business. In return, Tabcorp will provide News UK with a share of the revenue from the new business each year.
Tabcorp will be responsible for obtaining the necessary licences and regulatory approvals for the deal, which is planned to run for an initial term of 10 years, with extensions subject to performance.
Tabcorp CEO David Attenborough said: "Entering the UK market in partnership with News is an exciting opportunity for Tabcorp as we take our capability into the A$7 billion UK online gambling market. The Sun has more than 10 million readers per week and over 1 million football fans actively engaged through The Sun Dream Team FC fantasy football competition.
"This partnership provides us with the opportunity to create a leading online bookmaker in the UK market under the Sun Bets brand over the coming years and fits with our strategy of pursuing close-to-core international opportunities."
Rebekah Brooks, CEO, News UK said that the deal marks a pivotal moment in the digital transformation of News UK, creating a world-class online sports book that will engage and entertain the betting public.
"The two powerful brands of The Sun and our Dream Team fantasy football competition already have incredible reach and I have every confidence that this will be a rewarding partnership," she said.
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