Tabcorp governance reviews Luxbet asset

The Australian Business Review has reported that Tabcorp Holdings governance may fold its online sports betting brand Luxbet (Luxbet.com).

The Tabcorp asset is currently under review, with Group CEO David Attenborough revealing that the sports betting brand was set to report record losses for its 2017 performance.

Following this month’s Australian Competition Tribunal (ACT) approval of the merger of Tabcorp with main market rival Tatts Group, Tabcorp governance is reported to have implemented an internal review of its assets ahead of its AUS $11 billion combination.

Speaking to Australian news sources, David Attenborough has detailed that the enlarged firm will prioritise ‘extending the TAB brand’ above other assets.

“We’ve said it is undergoing a strategic review to the market and obviously if we’re operating the TAB in all-bar Western Australia, it certainly becomes a big question mark as to whether Luxbet is a fit to the business.”

Furthermore, Attenborough stated that pushing ahead with the merger, Tabcorp and Tatts governance would look to develop a ‘national tote pool’.

“This (the merger) does create a pathway towards a national tote pool and that means better depth and less volatility, but there are a range of approvals and support required from the racing industry across the states to achieve that and it is certainly an aim of ours to get there.”

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