Tattersall's given OK for Golden Casket

Tattersall's announced in April that it would buy all the shares in Golden Casket from the Queensland government to broaden Tattersall's geographic spread.

"The Australian Competition and Consumer Commission will not intervene in Tattersall's acquisition of Golden Casket Lottery Corporation after accepting an undertaking to divest Golden Casket subsidiary Bounty Ltd," the ACCC said.

Golden Casket is the exclusive lottery operator in Queensland and represents the first major domestic acquisition for Tattersall's since it merged with Queensland-based wagering firm Unitab Ltd in October 2006.

Bounty and Tattersall's subsidiary Maxgaming are the only two suppliers of monitoring software to licensed electronic gaming machine monitors in Queensland.

"Concerns arose out of Tattersall's ownership of the only two suppliers of monitoring software to licensed electronic gaming monitors in Queensland," ACCC chairman Graeme Samuel said.

"The undertakings will ensure that Bounty continues to operate independently from Tattersall's as a viable, ongoing business until it is divested."

Tattersall's chief executive Dick McIlwain had said in April that Golden Casket was a logical fit with Tattersall's lotteries businesses in Victoria, Tasmania, the Northern Territory and the ACT.

The combined businesses would deliver annual sales of more than $2 billion - or about half of total Australian lottery sales.

Mr McIlwain had said that Golden Casket would lift earnings per share in the 2008 financial year.

Tattersall's shares were three cents lower at $4.95 at 1453 AEST Monday.