Tabcorp Considers Bid for Melbourne Cup Broadcast Rights Holder

The Melbourne Cup Carnival is famous not only in Australia but around the world. Popular as the country’s biggest racing event, it enjoys viewership from 120 nations. It is believed that more than 700 million people around the world enjoy the Melbourne Cup, which is a testament to its importance within the horseracing vertical. Now, as reported by The Australian, the gambling and betting giant Tabcorp has joined the race to become a broadcast rights holder for the Melbourne Cup.

Securing the rights would mark a milestone moment for Tabcorp, as it will enable it to continue to grow its broadcasting portfolio. Currently, the company owns three radio stations, as well as two broadcasting businesses. Additionally, Tabcorp holds the role of naming rights partner for the event that takes place after the Melbourne Cup, the Champion Stakes Day.

Joining the race, the company is reportedly considering an AU$100 million bid for the rights and is negotiating with Victoria Racing Club (VRC). The previous handover of the rights for the Melbourne Cup dates back to 2018 and it involved a five-year contract. Now, keeping in mind that the contract is about to expire in 2024, Tabcorp’s move doesn’t come as a surprise.

Talks about Broadcasting Rights Are Yet to Be Officially Confirmed

According to Adam Rytenskild, Tabcorp’s CEO, expanding the company’s collaboration with the VRC would mark an exciting moment. He pointed out that Tabcorp is proud to be the “exclusive wagering partner of Australia’s most famous week of racing.”

Despite the reported talks, VRC’s CEO, Steve Rosich, told The Australian that the company is looking forward to 2023’s Melbourne Cup Carnival in partnership with its broadcasting partner, Network 10. Addressing the talks about the broadcasting rights for 2024, Rosich said that those details are confidential.

“The VRC is looking forward to showcasing another exceptional Melbourne Cup Carnival in 2023 in conjunction with our broadcast partner Network 10. The VRC’s media rights process for the 2024 Melbourne Cup Carnival and beyond is confidential.“

Steve Rosich, CEO of Victoria Racing Club

If indeed Tabcorp secures the rights for the Melbourne Cup, that wouldn’t be the first time this has happened to the company. From 2020 to 2022, the company was the international rights holder of the marquee fixture.