The WA racing industry wants a bookmaker to run its state-owned wagering operations but attempts to secure a deal have hit a major roadblock.
Already a subscriber?The future of Western Australia’s wagering licence is back in limbo after a revived process to find a bookmaker struggled to attract sufficient interest for an asset that almost fetched $1 billion last time it was on the block.
Entain is currently operating without a permanent global chief executive – Jette Nygaard-Andersen resigned in December amid investor concerns about a flurry of acquisitions that had not resulted in the kind of revenue growth expected. Entain’s Australian business, which runs Ladbrokes and Neds, is not expected to be directly impacted by the review. However, the strategic shift makes it hard to commit to major transactions. It is also waiting on the outcome of a year-longOther wagering sources said Sportsbet and ASX-listed PointsBet, which initially made an inquiry, were no longer interested in the licence for cost and strategic reasons. Sportsbet and PointsBet declined to comment.
Under the new arrangement, any commercial deal would be a joint venture with the industry, Racing and Wagering Western Australia, similar to what has been negotiated in NZ.
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