WA backs out of TAB sale after collapse of $1b Betr deal...

WA backs out of TAB sale after collapse of $1b Betr deal (copyright link)

The West Australian government has walked away from plans to sell the state’s TAB at the 11th hour after deciding any bids still on offer were not up to scratch.

The decision to terminate the sale process comes after start-up bookmaker Betr withdrew from the bidding last month.

News Corp-backed Betr had been considered the frontrunner in a sale that had been expected to inject about $1 billion into WA coffers.

Its withdrawal left Tabcorp and Entain Group as potential buyers, but the WA government said late on Monday that it would retain ownership of the TAB.

The government said that it had been in negotiations with a preferred bidder in the past month, but that bidder had ultimately “failed to confirm the necessary financial commitments to support its offer”.

“After prudent and exhaustive efforts, it has become clear that agreement cannot be reached on terms that will ultimately be consistent with the government’s objectives to ensure the sale is in the long-term interest of both the State and racing industry,” the government said.