Racing and Wagering Western Australia (RWWA) acknowledges the announcement today by the WA Government, regarding the sale of the WA TAB.
RWWA and the broader racing industry are disappointed that the sale of the WA TAB could not be concluded successfully.
RWWA was committed to the sale process and had worked collaboratively with the State Government and the racing industry reference group to achieve the best outcome for racing, including agreement on a long-term funding model for the industry.
RWWA’s objective was to ensure an independently sustainable and competitive racing industry through a fair and robust sale process with an outcome that ensured the integrity of racing and wagering activities in WA was maintained.
RWWA Chief Executive Officer Ian Edwards said significant planning preceded the recent sale process in a bid to optimise the value of the WA TAB in today’s market.
“The racing industry acknowledged that the time was right for the sale and was willing to embrace the new funding arrangements that flowed from it,” he said.
RWWA will continue to run the WA TAB for the benefit of the WA racing industry and will maintain its strong financial, regulatory, and animal welfare oversight across all codes.
The RWWA Board (Board) believes the Government’s decision officially concludes a multi-year process to sell the WA TAB and it will now re-focus its efforts on investing in, and operating, the WA TAB for the long-term sustainability of local racing.
The Board would like to thank the RWWA CEO, Executives and the racing industry for all their work over an extended period to progress the sale to this advanced stage.
The Board believes that the RWWA team has demonstrated its capability to successfully operate the WA TAB in a highly competitive environment over the past decade, while increasing prizemoney, supporting Clubs and investing in infrastructure.
Strong revenue growth and careful financial management allowed RWWA to raise funding for all three codes of racing and provide the certainty of a three-year plan for participants as part of the 2022-23 funding on announcement which included an extra $30 million in recurring funding by 2025.
The increase to funding was the largest ever provided by RWWA in its 20-year history.
RWWA remains committed to that three-year plan.