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Abstract
The Victorian Totalisator Agency Board (TAB) was privatised by the Victorian state government in 1994, creating a publicly owned company TABCORP Holdings Limited. The purpose of this paper is to review the rationale, process and impact of the privatisation of the TAB. It is argued that the Victorian TAB was privatised to reduce state government debt, secure the long term future of the Victorian racing industry, and modernise the operational capability of a statutory authority ill-placed to compete in a rapidly changing Australian gambling marketplace. While the process of privatisation attracted a degree of controversy, privatising the TAB delivered significant economic and political benefits to the state of Victoria, shareholders of TABCORP, and the Victorian racing industry. The future growth strategies of commercial gambling enterprises in Australia are in part dictated by the challenges and constraints posed by a state-based regulatory regime for gambling in Australia.