The government in New South Wales has said that it has extended the exclusive retail wagering licence of Tabcorp holdings until 2033.

Racing Minister George Souris indicated that the state government has given an in-principle approval for extending the exclusive license of the off-course betting giant for 20 years. Tabcorp will have to pay $75 million to extend TAB's licence as the exclusive provider of totalisator and fixed-odds betting in retail environments, including club and pub outlets.

The payment includes $50 million in initial payments and the remaining to be paid over a period of ten years starting in 2024. The government has indicated that it would support the viability of the racing industry that makes social and economic contributions in the country. The NSW TAB has a 99-year licence, which was issued in March 1998 for conducting totalisator betting in the state.

The agreement comes two years after the government of Victoria renewed Tabcorp's exclusive arrangements until 2023. Tabcorp chief executive David Attenborough said that theit is a good decision for the company and also for the NSW racing industry. TAB gambling products are currently being offered at 2,130 hotels and clubs in the state.