Tabcorp Holdings Ltd

TAH: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$4.20	Xqrm	Klktwyrf

Tabcorp: A Win on Victoria but Physical Wagering Remains Challenged

Angus Hewitt

Dec 19, 2023

Tabcorp has penned a new exclusive wagering license with the Victorian government. We had already expected Tabcorp to retain the Victorian license, but the terms are better than anticipated. We lift our fair value estimate by 5% to AUD 1.15 per share. The deal is a win for Tabcorp, with no joint venture partner, 20 years of exclusivity, and no industry funding obligations. Previously, the license involved a joint venture with the Victorian Racing Industry. The increase to the point of consumption tax, to 15% from 10%, will apply to all bookmakers, providing an equal footing between Tabcorp and online bookmakers such as Sportsbet.

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