Entain are in discussions to acquire Australia's biggest gambling company - Tabcorp's Betting and Media arm
The owners of Ladbrokes, Entain, are looking at the possibility of acquiring Australia's number one betting and media business - Tabcorp.
The Australian giant generated A$2.1billion in the year ended June 2020, with most of the income deriving from horse racing bets.
The acquisition that Entain are keeping an eye on will not be a smooth process as they are not the only ones who are interested in acquiring Tabcorp with many other potential bids being placed on the table.
Tabcorp confirmed these rumours, through a statement, outlining that they received a number of "unsolicited approaches" regarding its betting sector.
"The proposals were expressed to be confidential, indicative, non-binding and subject to numerous conditions including due diligence, financing and various regulatory approvals."
Talks are still at an early stage between Entain and Tabcorp and if the deal does happen, it is expected to be a mammoth sum as Tabcorp is currently valued at A$10billion and generated A$2.1billion in one year ending June 2020, with profits before interest and tax equaling A$175million.
Entain is one of the world leaders in sports betting and gaming boasting an online and retail vertical, while operating world renowned brands such as Ladbrokes, bwin, Eurobet and Coral.
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