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Entain Plc has offered AU$3 billion cash for Australia-based Tabcorp Holdings’ TAB racing and sports betting unit.

Entain is known to have been in talks with Tabcorp for the past few weeks. However, despite Entain saying its offer represents the “market valuation” of the assets, the Australian Financial Review has reported it will most likely be rejected, and that Tabcorp is looking for a minimum of $3.5B.

Entain has also stated that, if it does acquire the TAB units, it intends to merge them with its existing Australian online portfolio, which currently consists of Neds, Ladbrokes, and Bookmaker AUS. Given the fact that TAB currently has a number of exclusive wagering rights across Australia, it could instantly make Entain the Australian online betting market leader, knocking Flutter’s Sportsbet brand off the top spot.

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Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.