Tabcorp has revealed a third suitor for its wagering and Sky racing business - BetMakers Technology Group pitching a $4 billion offer.
BetMakers on Friday said its offer included $1 billion cash and $3 billion in new BetMakers shares.
The wagering businesses include the popular TAB punting venues across much of Australia.
The Sky racing services include TV and radio coverage which is broadcast across the world.
Chief executive Todd Buckingham said the group's technology expertise could help the wagering and media assets in an increasingly digital market.
BetMakers provides digital platforms which allow racing groups and bookmakers to show information, odds and prices.
Mr Buckingham said BetMakers had a global network of partners which would also help the assets.
Last month UK-based Entain, which owns Ladbrokes and Foxy Bingo, improved its offer for the assets to $3.5 billion.
Investment group Apollo Management in May also raised its offer to $3.5 billion.
Apollo has proposed a second possibility of including Tabcorp's gaming services, called Max, in its purchase. Apollo would pay $4 billion for the three businesses.
Tabcorp is reviewing its business and is considering asset sales or demergers.
Its lotteries and Keno arm could also be demerged.
Shares in Tabcorp were higher by 2.87 per cent to $5.20 at 1344 AEST.
Shares in BetMakers were down by 11.56 per cent to $1.41.