Kerry Stokes-backed Seven West Media is making a surprise bid for a piece of Australia’s $5.2 billion-a-year wagering market, starting with Western Australia’s up-for-sale WA TAB.
It is understood Seven West Media is involved a bid that will be lobbed for WA TAB on Monday, taking on big industry players including Tabcorp and Ladbrokes owner Entain for the right to run Western Australia’s retail betting outlets and take bets on racetracks and online.
Seven West Media’s interest as the group talked up its willingness to “build a more diversified media organisation” at its annual results on Tuesday, including “traditional and non-traditional adjacencies”. There was no mention of WA TAB, despite bids being due next week.The licence to run WA TAB is expected to be worth as much as $1 billion. The Tripp/News/Seven consortium has investment banks including Barrenjoey involved and arranging funding.
The precise make-up of the syndicate, and how it would be funded, is expected to be finalised in coming days.Seven West Media chairman Kerry Stokes.Seven West Media has crept through the WA TAB auction with little or no attention, with the spotlight instead on Tabcorp, Entain and Tripp/News.
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