Tabcorp to consider leaving joint venture Sun Bets

By Galia Ilan

The Australian gaming and wagering company, Tabcorp Holdings Ltd, has announced that it is considering leaving its joint venture with News UK.

Tabcorp is in discussions to quite Sun Bets, the online gambling site, due to its underperformance.

The company noted that Sun Bets, which is associated with The Sun tabloid, contributed to its overall 58% drop in profits during the first half of the 2018 financial year.

SEE ALSO:

Last year saw Sun Bets lose AU$22.5mn (US$17.1mn) in it’s core earnings during the review period, as well as one-off extra costs of AU$49mn (US$37.2mn), and impaired assets of AU$4mn (US$3.03mn).

The 10-year Sun Bets deal with News UK was only signed two and a half years ago, in December 2015.

“Discussions remain ongoing and an agreement has not been reached at this stage,” the Melbourne-based firm said in a statement, Reuters reported.

Share

Featured Articles

Hybrid live event shaping the future of Sustainability & ESG

Sustainability LIVE London returns for a two-day, multi-track conference programme featuring inspirational ESG speakers, debates and discussions

Nine must-attend sustainability events for business leaders

From London to Abu Dhabi, Singapore to San Diego, these sustainability-focused events are designed to help business leaders action their ESG goals

Daniel Weise of BCG on new supply chain and procurement book

Daniel Weise, global leader of Boston Consulting Group’s procurement business line, on the timely publication of his new book, Profit From The Source

Attract and retain talent with flexible working and benefits

Human Capital

Nurturing the next generation of women leaders in Africa

Leadership & Strategy

5 Mins With: Cybersecurity expert Ariel Parnes of Mitiga

Technology