Tabcorp To Shutter Online Gambling Subsidiary
Luxbet to close soon after incurring A$13 million in losses last year
Australian gambling giant Tabcorp has told local media outlets that it intends to shutter its online gambling enterprise Luxbet following its merger with Tatts.
The decision was confirmed by player reports on Friday that they had received emails advising that bets will no longer be accepted after December 22. Account holders have until January 19 next year to withdraw any positive balances in their accounts.
InfoPowa readers may recall that in August this year Tabcorp carried out a review of Luxbet, which has reportedly concluded that the business has not met expectations and should be closed. The business has been operational since 2008.
Tabcorp financial reportage for last year disclosed that Australia and UK-facing Luxbet had made annual losses of A$13 million.
Top Team Named For Merged Tabcorp-Tatts Group (Update)
David Attenborough to lead grouip as md and CEO
Tabcorp announced its top management team for its merger with Tatts Thursday, advising that the changes come into effect on Friday 22 December 2017.
The team will be lead by current Tabcorp md and CEO David Attenborough, who retains the same title and responsibilities for the merged group. He will be supported by:
Chief Financial Officer – Damien Johnston
Managing Director, Wagering & Media – Adam Rytenskild
Managing Director, Lotteries & Keno – Sue van der Merwe
Managing Director, Gaming Services – Frank Makryllos
Group General Counsel – Sean Hughes
Chief Information Officer – Mandy Ross
Chief People Officer – Merryl Dooley
Chief Risk Officer – Clinton Lollback
Chief Strategy Officer – Ben Simons
Group Company Secretary – Fiona Mead
Attenborough said in statement accompanying the announcement:
“Tabcorp’s new executive leadership team brings together executives from both Tabcorp and Tatts. I am very pleased to have such a strong team in place from day 1 as we enter a new era for these two great companies.
“The combination has created a world-class, diversified gambling entertainment group. Our new executive leadership team, together with our more than 5,000 people, will work to deliver the material benefits the combination is expected to create for shareholders, the racing industry, business partners, customers and governments.
“I’d like to take this opportunity to express our deep appreciation to the executives who are departing the organisation due to the combination becoming effective. Each has contributed to the strength of Tabcorp and Tatts and has helped set us up with a great platform for growth. These executives will remain with us for a period of time into the New Year to support the initial phase of the integration program.”