Centrebet to Manage $200 Million Fixed Odds Betting Portfolio

18 February 2009

ACT TAB, Racing & Wagering Western Australia and Tote Tasmania have selected Centrebet International Ltd. to manage its fixed odds wagering products, the Australian operator announced on Tuesday.

Starting in late May 2009, Centrebet will manage the group's existing 200 million Australian dollars of fixed odds racing and sports betting turnover on behalf of the group in return for a service fee paid to Centrebet, which has been progressively structured to target growth, Centrebet said in a statement.

Centrebet said it is forecasting significant growth in the fixed odds betting market share during the term of the three-and-a-half year agreement.

“The opportunity to manage $200 million in TAB fixed odds betting turnover is exciting, however the real value for Centrebet is in sharing the growth in revenue that our expanded event coverage and new products due for release in 2009 will bring,” said Con Kafataris, managing director of Centrebet, in a statement.