$1 billion too much for TAB – racehorse owners

The WA Racehorse Owners Association has rejected claims the state’s TAB is worth $1 billion.
Federal Finance Minister Mathias Cormann put the massive price tag on the last of the government-owned betting agencies in the country amid speculation the State Government was poised to sell.
WAROA executive officer Darren McCauley said anyone claiming the TAB was worth $1 billion was misinformed.
“There’s no way in the world that the TAB nor some of its assets are worth a billion dollars,” he said.
“You’ve got more chance than putting your hand on the sun than ever getting that kind of money.”
Racing industry insiders believe the true value of the TAB is up to $450 million, but that its value is falling because of the increasing popularity of online gambling.
Greyhound Racing chairman Ray Gunston said in a report to the Western Australian Racing Representative Group (WARRG) there were questions about whether the sale of the TAB would help the racing industry.
“The industry needs to consider whether having this wagering operation in the hands of an external private operator will put the WA racing industry in a better or worse position than it currently is,” he said.
Mr McCauley said potential buyers would focus on returning money to their shareholders, rather than helping to fund the industry.