Tabcorp Holdings Limited
(ASX:TAH) has partnered with News UK to launch a new online wagering and gaming business in the UK and Irish markets.
The agreement is subject to Tabcorp obtaining the necessary licenses and regulatory approvals and runs for an initial term of 10 years, with extensions subject to performance.
The agreement is structured as a revenue share arrangement, with News UK undertaking internal and external promotion of the business. Tabcorp will provide News UK with a share of the revenue from the new business each year.
The business will be known as Sun Bets and will launch in 2016.
Tabcorp recorded a net profit of $334.5 million at 30 June 2015.
