Tabcorp has thrown its hat into the ring for the broadcast rights to the Melbourne Cup.
The deal includes all the broadcast rights such as free-to-air television, digital and pay television rights, The Australian reported.
The deal could be worth $100 million over five years, according to the publication. Negotiations for “The Race That Stops The Nation” comes as Network 10’s broadcast rights expire after this November’s race.
While the betting company would own all the broadcast rights, it would need to sublicence the free-to-air rights to one of the networks, as protected by the federal government’s anti-siphoning laws.
The publication noted that in this instance, Tabcorp could keep key digital and sponsorship rights, as well as telecast on its own Sky Channel Service. The betting company also owns three radio stations.
In a statement to the publication, VRC chief executive Steve Rosich said: “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.”
The Melbourne Cup rights include the week-long carnival of races – such as Derby Day, Oaks Day, and Stakes Day.
In 2018, 10 outbid Seven West Media with $100 million for the broadcast rights of The Melbourne Cup.
Tabcorp’s hat in the ring for the Melbourne Cup comes after the betting company reached a lucrative deal with the Victorian Racing Club that will see Sky deliver the international rights to the Melbourne Cup for two years to its international wagering partners in 68 countries.
At the time, Tabcorp chief executive Adam Rytenskild said: “More than ever, we value our loyal partnerships, and we are really excited to be expanding our partnership with the VRC. We’re proudly Australian, and we are proud to be the exclusive wagering partner of Australia’s most famous week of racing.”
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Top image: 2022 Melbourne Cup Winner