Agree Captain. 4.65% paid back to Tabcorp is massive (from memory their total margin was 10% - can someone confirm?) so now down to 5.35% and they paid $15M for the deal + giving away margin in the next few years that were under the previous contract. Together Id guess that’d be more than 50% loss of margin for the new term? That’s quite a clip to future revenue.... however, not sure what else they could have done.
Ann: Tabcorp 10 year agreement, page-29
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