The TAB: Papalia concedes ‘no value in purchasing it,' as government keeps door open on future sale
After plans to privatise the betting agency were first announced in 2015 by the former Barnett government, and legislation was passed under the McGowan government in 2019 to enable the sale, the government has spent years trying to find a suitable buyer.
Multiple bids, including offers reportedly close to $1 billion, fell through, leading the government to scrap the sale in 2022.
During budget estimates on Thursday, Minister Paul Papalia was asked by the opposition if the government would again pursue the privatisation of the TAB in this current term.
'In short, no,' Mr Papalia responded.
'That is not to say I am not out there or I would not be receptive to an approach for a sale, but there has been no interest and I do not anticipate there will be, not because we do not want to sell it or that we would categorically refuse, but probably because no-one can see a value in purchasing it.'
Mr Papalia said the sale of the TAB would have secured the long-term future of the racing industry; however, the plan collapsed amid falling returns following the COVID pandemic.
'In our first term of government, we tried to sell the TAB. At that point, the TAB was of reasonable value,' he said.
'It was our ambition to sell the TAB and create an infrastructure fund to allow in perpetuity funding for the industry's requirements for upgrades and maintenance of facilities, and also return a relatively small profit to the state as a consequence of the sale.
'That fell through. COVID changed things. Prior to and post-COVID, there has been an enduring diminishing return from racing and gambling.'
This financial year, the State Government is set to spend $57.1 million on racing and wagering in WA, including $38.6 million dedicated to improving and maintaining wagering systems.
Shadow Racing and Gaming Minister Lachlan Hunter believes the government should be working harder to make the TAB more viable for a prospective buyer.
'We remain focused on what delivers the best outcomes for racing. What we won't support is letting the TAB wither on the vine through inaction,' Mr Hunter said.
'Instead of trying to justify inaction, the government should be working to strengthen the TAB's position—investing in digital platforms, offering a competitive product, and providing clarity about its future.
'The industry deserves leadership, not defeatism.'
Despite not being able to find a suitable buyer over several years, the TAB still appears to be a cash cow for the state.
'The TAB generates hundreds of millions of dollars and is running efficiently, generating revenue for industry and taxpayers,' Mr Papalia told the West Australian.
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