Friday, July 01, 2022

Tabcorp to close Luxbet after Tatts merger

Tabcorp is planning to close online bookmaker Luxbet following its $11 billion merger with Tatts Group, according to Australian media reports.

Customers were told by email on Friday that bets will no longer be taken from Dec. 22.

"In August, Tabcorp Holdings Limited (Tabcorp) announced it was undertaking a strategic review of its Luxbet business,"  media cited the company as saying.

"The review has determined that Luxbet is no longer aligned with the long-term strategic interests of Tabcorp and as a result, Luxbet will be closed."

Account holders have until Jan. 19 to withdraw funds in their accounts.

Luxbet reported earnings before interest and tax loss of $13 million for the past financial year.

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