Crownbet drops challenge over Tabcorp-Tatts merger
Crownbet has opted to withdraw its challenge over the planned merger between Australian gambling giants Tabcorp and Tatts Group.
The two companies have agreed to join forces and create a combined business worth approximately A$11bn (€7.02bn/US$8.34bn), although the process has been hampered by a series of issues, including opposition from rival firms.
Crownbet had been one of the main opponents to the deal, but has now agreed to withdraw a challenge in the Australian Competition Tribunal (ACT) in exchange for its customers being able to stream Tabcorp’s Sky Racing Vision.
The move comes after the ACT earlier this month voted to approve the merger.
The ACT previously gave the green light to the planned deal, but the Australian Competition and Consumer Commission (ACCC) aired concerns over the level of competition in the country should the merger go through.
In July, the ACCC applied to the Federal Court for a justice review of the decision, but the Court in September ruled that the matter should be returned to the ACT for further consideration.
However, the regulatory body then now ruled the merger can go through, on the condition that Tabcorp sells its Odyssey Gaming business.
Crownbet itself faces something of an uncertain future after it was revealed that Crown Resorts is seeking to sell off its 62% majority stake in the online gaming business.
Crown Resorts last week said it has already held ”very preliminary discussions” with William Hill, while various reports have also linked Paddy Power Betfair to a possible offer.