Tabcorp Shakes Main Wagering Team In The Midst Of Pain Punting

Tabcorp shakes main wagering team in the midst of pain punting. Gambling giant Tabcorp is shaking up the management of its underpressure wagering firm, after $1 billion in writing down the division and announcing the company’s chief executive and chairman’s departure.

The $7.2 billion group is yet to reveal who will replace its executive general manager for wagering, Andy Wright, after announcing his departure internally on July 24.

The overhaul came after a group of major investors pressed for leadership changes in the wake of increasing anxiety about Tabcorp’s results , particularly in its wagering business, following its $11 billion loter operator Tatts merger in 2017.

Tabcorp’s managing director of wagering Adam Rytenskild said in a note to racing industry partners “Community expectations for the way we operate continue to grow,” said Mr Rytenskild, who company watchers consider a leading internal candidate for CEO. “It’s critical that our business provides a strong, sustainable and efficient base to meet these demands.” 

Tabcorp last week said it would write down the goodwill value of the betting division by a third, or at least $1 billion, in recognition of the impact of COVID-19 on the business and the competition it faces from online bookmakers such as Sportsbet, Ladbrokes and Beteasy.

Tabcorp said the write-down reflected “the possible acceleration of retail contraction and uncertainty regarding any longer-term impacts” due to the pandemic and a shift to an even more “digital centric” market.

[image: Twitter]

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