Australian betting operators Tabcorp and Sportsbet put pen to paper on a 10-year extension of the Sky Racing deal. By extending the Digital Vision Supply Agreement, the two bookmakers will work together on live horse racing broadcasts until 31 July 2036.
Sky Broadcasts about 150,000 Races a Year
The extended collaboration means the Sportsbet website and mobile app will continue to broadcast Tabcorp’s Sky Racing 1 and Sky Racing 2 channels. Tabcorp will also provide a link to the turnover Sportsbet is making which is expected to be in the region of $30 million and $40 million in EBITDA for the 2024 financial year.
Tabcorp CEO and Managing Director Adam Rytenskild praised Sky, adding it was a “major driver of racing wagering in Australia.” He called it the home of racing.
The Tabcorp chief said Sky broadcast about 150,000 races every year and had the best team for the job. According to Rytenskild, the continued collaboration between Sportsbet and Tabcorp recognized Sky “as one of the best and most valuable racing networks in the world.”
He claimed racing clubs would benefit from the extension of the deal too and will enjoy better viewership figures and “more eyes on their meetings.”
Reducing the Market Share Gap
Rytenskild said racing broadcasts brought more digital revenue to Tabcorp than anything else, so he was happy the deal was extended and the company continued to “build momentum towards TAB25.”
The CEO added that the new app and products, as well as the improved speed to market, were all part of the transformation too.
Tabcorp’s goal is to reduce the market share gap to the Flutter-owned sportsbook, and that is one of the main objectives outlined in the new strategy of the company. In 2022, Tabcorp had a 24% market share, while Sportsbet led the market with an estimated share of 44%.
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