Victoria’s wagering and sports betting industry is worth more than US$4 billion a year

Ladbrokes is one of three companies short-listed to take over the Australian state of Victoria's multibillion-dollar wagering license.

The UK-based betting giant will compete for the license with Tatts Group and current holder Tabcorp, which has had a monopoly on off-course race betting in Victoria for 50 years.

The three were chosen from a field of local and international operators to compete for the 12-year license, which commences in 2012. The state government will award the license later this year.

The license entitles the holder to offer both pari-mutuel and fixed-odds betting on racing, sports and other events, including the only authority to conduct wagering and betting via an off-course retail network, plus the right to establish and operate the only betting exchange based in Victoria and the right to offer approved simulated racing games.

Gaming Minister Tony Robinson said Victoria’s wagering and sports betting industry was worth more than US$4 billion a year.

“The level of interest shown is a testament to the strength and prestige of Victoria's racing industry,” he said.