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BetMakers has ditched its plans to acquire the wagering and media business of Tabcorp after the latter announced plans to demerge its lotteries and Keno business.
The demerger, which would create two standalone ASX-listed companies, follows the conclusion of a strategic review by Tabcorp to maximise value for shareholders.
If it goes ahead there will be two companies on the ASX with “distinct operating profiles, strategies, and growth opportunities”: Lotteries & Keno Co (comprising TAH’s lotteries and Keno businesses) and Wagering & Gaming Co (made up of TAH’s wagering & media and gaming services businesses).
As such, BetMakers Technology Group has decided to ditch plans for a partial takeover of Tabcorp, and will instead continue discussions with the company in relation to commercial opportunities in international markets.
“Having received clarity from Tabcorp regarding the planned direction for its Wagering and Media business, BetMakers will continue discussions with Tabcorp regarding international opportunities, and we believe these opportunities have the potential to be significant,” BetMakers CEO Todd Buckingham said
“BetMakers remains firmly of the view that the company’s opportunities in regulated wagering jurisdictions, and in particular Australia and the United States, are a clear priority and we will continue to explore all opportunities that can accelerate or capitalise on this foundation.”