Australian A$11.3bn gambling merger gets go-ahead – BBC News

Australian A$11.3bn gambling merger gets go-ahead – BBC News
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A merger between Australian gambling giants Tabcorp and Tatts Group has been approved by authorities.

Plans to form a business worth A$11.3bn ($8.6bn; £6.7bn) emerged last year. Despite objections from rival betting companies, the Australian Competition Tribunal found the merger would have “substantial public benefits.

” Tabcorp and Tatts hope joining forces will help compete against the rise of online betting.

Shares in both firms rose by about 5% on Tuesday. As well as running traditional sports betting facilities, often found in bars and clubs, Tabcorp and Tatts also have businesses including state lotteries and slot machines, known locally as pokies. While profits fell at both companies last year, some states believe the merger could turn Australia into one of the most profitable markets in the world, outside of Hong Kong.

read more at bbc.co.uk

Started working in the Casino Industry in 1985, just never managed to leave as yet. Visited 99% of all UK Casinos, seen them all,

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