ACTTAB to be sold
The Australian Capital Territory Government is considering offloading Canberra-based betting agency ACTTAB after a government-commissioned feasibility study by PricewaterhouseCoopers (PwC) found that there is a “compelling argument” for a sale.
The PwC study identified that ACTTAB is vulnerable to increased competition and the value of the business will continue to drop as it loses market share.
According to the findings, the agency requires considerable government investment over the coming years if it is to remain competitive.
Treasurer Andrew Barr supported these findings and said that ACTTAB would need “tens-of-thousands” of dollars of investment.
“The Government's not going to be making that capital investment,” he said. “While no final decision has been made, the Government has agreed to further consider a sale.”
Barr confirmed that the Government is consulting with ACTTAB staff and unions, while a final decision on the future of the agency will be made by November.
Tony Curtis, ACTTAB’s chief executive officer, admitted the agency will no longer be viable without an injection of private capital.
“We've been encountering what you would call a fairly torrid time over the last couple of years with intense competition from corporate bookmakers and the betting exchanges in Australia,” he added.