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Australia

Tabcorp: Tax Treatment Resolved for Various Licences

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Tabcorp Holdings Limited announced that it has resolved a dispute with the Australian Taxation Office (ATO) in relation to the income tax treatment of payments for various licences and authorities. Tabcorp had paid to the Commissioner in full the disputed amount of tax liabilities and interest.

As part of the settlement, the ATO will refund Tabcorp approximately $83 million which represents 0% of the disputed tax liabilities and interest. Each proceeding brought by the taxpayers will be dismissed. Tabcorp, in turn, is required to pay approximately $37 million to The Lottery Corporation Limited (TLC) under the terms of the Separation Deed dated 25 March 2022 between Tabcorp and TLC.

As a result, Tabcorp will recognise a benefit of approximately $45 million after tax in its financial statements for the year ending 30 June 2024. This benefit will be treated as a significant item.

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The settlement also included an agreement in relation to how Tabcorp will treat future licence fees payable in respect of renewals of relevant existing licences. Subject to agreed limitations, Tabcorp must treat the fees as being of a capital nature. Tabcorp does not believe this will have any material effect on future results.

Australia

ACMA Blocks More Illegal Offshore Gambling Websites

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The Australian Communications and Media Authority (ACMA) has requested that Australian internet service providers (ISPs) to block more illegal offshore gambling websites, after investigations found these services to be operating in breach of the Interactive Gambling Act 2001.

The latest sites blocked include A Big Candy, Jackpoty and John Vegas Casino.

Website blocking is one of a range of enforcement options to protect Australians against illegal online gambling. Since the ACMA made its first blocking request in November 2019, 995 illegal gambling and affiliate websites have been blocked.

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Over 220 illegal services have also pulled out of the Australian market since the ACMA started enforcing new illegal offshore gambling rules in 2017.

The post ACMA Blocks More Illegal Offshore Gambling Websites appeared first on European Gaming Industry News.

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Australia

Tabcorp Appoints Gillon McLachlan as MD & CEO

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Australian gambling services firm Tabcorp Holdings has appointed former Australian Football League (AFL) boss Gillon McLachlan as its chief executive and managing director.

The appointment comes months after former chief Adam Rytenskild resigned over allegedly using “offensive” and “inappropriate” language at the workplace and as the firm navigates a strategic transformation amid heightened competition pressures.

McLachlan was the AFL chief executive for a decade during which he contributed to significant revenue growth and oversaw its expansion.

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He will join Tabcorp on Aug. 5 and assume the roles of CEO and MD upon receiving regulatory approvals, the company said. He will receive an annual fixed remuneration of AU$ 1.5 million.

“In the two years since demerger, we have significantly improved our customer offering and delivered key structural reforms in Queensland and Victoria,” Tabcorp Executive Chairman Bruce Akhurst said.

“Gill brings an added dimension of having been responsible for some of the most significant media rights deals in Australian sports history and we’re excited about the potential growth opportunities for our wagering and media business under his leadership,” Bruce Akhurst added.

The post Tabcorp Appoints Gillon McLachlan as MD & CEO appeared first on European Gaming Industry News.

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BetMakers Appoints Carl Henschke as its New Chief Financial Officer

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BetMakers Technology Group Ltd, the leading global B2B provider of technologies and services that simplify betting at critical points in wagering, announced the appointment of Mr Carl Henschke as its Chief Financial Officer (CFO), effective 1 July 2024.

Mr Henschke brings over 17 years of experience in financial services, capital markets and legal sectors to BetMakers. He began his career as a solicitor in the corporate team at Herbert Smith Freehills, and for the past decade, he has worked as an investment banker. Most recently he served as Managing Director at Canaccord Genuity, focusing on software and digital businesses, including those in the wagering and betting sector. Mr Henschke’s expertise encompasses financial planning and analysis, strategy, capital management and M&A.

BetMakers CEO Jake Henson said: “We are delighted to welcome Carl as the company’s new CFO. His extensive financial expertise and deep understanding of high growth technology companies make him an ideal fit for BetMakers. Carl’s experience will be important as we continue to refine our operational efficiencies, expand our global presence, and enhance shareholder value.”

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The post BetMakers Appoints Carl Henschke as its New Chief Financial Officer appeared first on European Gaming Industry News.

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