SYDNEY, Oct 9 (Reuters) - Western Australia state will sell its horse-race betting business and levy a new tax on foreign bookmakers, the state treasurer said on Tuesday.
The WA TAB could fetch as much as A$500 million ($353 million), The Australian Financial Review newspaper reported.
The sale, which won't begin until next year, comes as the cash-strapped Western Australia state government sells assets to repair its budget.
Treasurer Ben Wyatt said the decision was in "the best interests of the whole state," in a statement from his office, which gave no sale price. A 15 percent tax on bets taken from Western Australians will be levied from Jan. 1, it added.
His government has also promised to sell a majority stake in its electricity grid, via a public float.
Australia's biggest betting company Tabcorp Holdings Ltd (TAH) , a prospective buyer of the gambling business, said in a submission to the state government, published on Tuesday, that it would be "ready to respond" to a sale process.
($1 = 1.4146 Australian dollars)
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Last
71.5¢ |
Change
-0.005(0.69%) |
Mkt cap ! $1.640B | |||
| Open | High | Low | Value | Volume |
| 72.5¢ | 72.5¢ | 71.5¢ | $2.648M | 3.691M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 8 | 51507 | 71.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 73.0¢ | 42202 | 4 |
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| Last trade - 16.19pm 13/08/2025 (20 minute delay) ? |
| TAH (ASX) Chart |