Tabcorp teams with News Corp on UK online gaming venture

Tabcorp Holdings has teamed with News UK to launch a new online wagering and gaming business in the UK and Irish markets.

The business will be known as Sun Bets and will launch in 2016.

The new business will bring together Tabcorp’s capability in global wagering with News UK’s vast customer base and market-leading media assets, including The Sun newspaper and associated sports and racing products such as Dream Team FC, Favourite and Goals, according to a release.

The agreement is structured as a revenue share arrangement with News UK undertaking internal and external media promotion of the business. In return, Tabcorp will provide News UK with a share of the revenue from the new business each year.

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.

Tabcorp managing director and chief executive officer David Attenborough said: “Entering the UK market in partnership with News is an exciting opportunity for Tabcorp as we take our capability into the A$7 billion UK online gambling market.