Australian betting giant Tabcorp rejects Ladbrokes joint venture approach

Wagering giant Tabcorp has rejected the joint venture approach from British wagering operator Ladbrokes. The deal was first floated in late 2013, according to local media.

Ladbrokes, who had launched an online offering was hoping to get a head start on its rivals at the time by teaming up with the incumbent retailer operator, Tabcorp. It is understood that Tabcorp’s Chief Executive David Attenborough took little time to reject the proposal given his company already held the position of Australia’s leading online wagering firm.

More recently, Tabcorp’s earnings have faced pressure from intense online competition, according to a report from Morgan Stanley. The report had estimated the wagering behemoth’s share of online wagering turnover will fall to 23 percent in 2018, down from 30 percent in 2010, as a result of increasing pressure from foreign-backed online bookmakers.