RQ applauds merger decision

Racing Queensland has applauded the Australian Competition Tribunal’s decision to to approve the $11 billion merger of Tabcorp and Tatts Group.

The decision was handed down by Justice Middleton of the ACT at the Federal Court in Melbourne on Tuesday.

RQ chief executive Eliot Forbes said the Tabcorp/Tatts combination would deliver a big bonus for the Queensland racing industry.

“This combination provides greater certainty for the racing industry in this state,” Forbes said.

“RQ signed a deed of understanding with Tabcorp in March to ensure that the merger would bring meaningful benefits to the Queensland racing Industry.”

As part of the Deed of Understanding, Tabcorp committed to an increase in capital investment in the Queensland wagering business (currently UBET) across retail and on-course wagering facilities, as well as committing to implementing increases in investments in technology, sponsorships and marketing.

“The majority of our funding comes from the Queensland wagering business, so this agreement is important to underpin future returns,” Forbes said.

The combined Tabcorp/Tatts business will assist with investment in infrastructure and product and channel innovation to enhance the digital and retail customer experience, driving further growth for Queensland racing.