The three racing codes under the banner Victorian Racing Industry (VRI) have signed a 12 year  Wagering and Betting Licence term with Tabcorp.

The signed agreements renew the  joint venture partnership between Tabcorp, Racing Victoria, Harness Racing Victoria and Greyhound Racing Victoria which has been in place since 1994.

The new agreements, which commence in August 2012, relate to Tabcorp’s licensed conduct of pari-mutuel and fixed odds betting and the operation of the only off-course retail network in Victoria.

In addition, the licence permits Tabcorp to establish and operate a betting exchange in Victoria and to continue to conduct the simulated racing game Trackside.

The joint venture agreements delivers a 50/50 profit share between the VRI and Tabcorp and continue the Government’s commitment to delivering a ‘no less favourable’ outcome for the Victorian Racing Industry.

“We are thrilled to once again partner Tabcorp and congratulate its Chief Executive Officer, David Attenborough and his team for the goodwill which they have brought to the table in settling the detailed agreements that govern the new joint venture’s operation,” said Robert Roulston, Chairman of VicRacing Pty Ltd.

“The VRI looks forward to a highly successful partnership that will be greatly beneficial to racing, to Tabcorp, to our racing and wagering customers and to the broader Victorian community.”

Racing Victoria Chairman Michael Duffy said “We are very pleased to bring to a successful conclusion this landmark agreement that aligns the interests of racing and Tabcorp over the next 12 years.”