Tabcorp and News UK are launching a joint online wagering and gaming business in Britain and Ireland.
Sun Bets, which will launch in 2016, brings together Tabcorp’s capability in global wagering and News UK’s customer base and media assets, including The Sun newspaper and associated sports and racing products such as Dream Team FC, Favourite and Goals.
The agreement, structured as a revenue share with News UK responsible for media promotion, is subject to Tabcorp getting licences and regulatory approvals and runs for an initial term of 10 years.
Tabcorp CEO David Attenborough says entering the UK market in partnership with News is an exciting opportunity.
“The Sun has more than 10 million readers per week and over 1 million football fans actively engaged through The Sun Dream Team FC fantasy football competition,” Attenborough says.
Rebekah Brooks, CEO, of News UK, says the deal marks a pivotal moment in the digital transformation of the company, creating a world-class online sports book.
“The two powerful brands of The Sun and our Dream Team fantasy football competition already have incredible reach and I have every confidence that this will be a rewarding partnership, which will see Sun Bets firmly established as a key player in the online betting business,” Brooks says.
Tabcorp, one of the world’s largest publicly listed gambling companies, operates Keno, tab.com.au, Luxbet, Sky Racing, Sky Sports Radio and Tabcorp Gaming Solutions.
Last month it revealed it had been in unsuccessful merger talks with lottery and gaming group Tatts.
Tabcorp posted a 157.5% rise in 2015 full year profit to $334.5 million.