SBC News Voice of the Sports Betting Industry
Tabcorp Holdings has decided to shut down online property Luxbet (luxbet.com), as the company focuses on completing its approved AUS $11 billion merger with Tatts Group.
The underperforming online betting division had been under strategic review throughout 2017.
In its latest trading update, Tabcorp governance disclosed that Luxbet had made pre-tax losses of approximately AUS $13 million (£7.5 million) for its 2016 performance.
Speaking to the media in June, Tabcorp CEO David Attenborough detailed that the enlarged enterprise would prioritise ‘extending the TAB brand above other assets’.
Confirming the closure of Luxbet, Tabcorp sent communications to customers stating that the website would no longer take bets from 22 December. Furthermore, Luxbet customers have until 19 January to withdraw funds and close accounts.
“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.” Tabcorp detailed in its customer statement.
Luxbet esports platform partner, Unikrn has confirmed that it has ended its relationship with the Australian bookmaker, choosing instead to focus expanding its services within European markets, having secured its Malta Gaming Authority (MGA) licence.
