Industry News

Tabcorp gears up to exit Sun Bet

Published

7 years ago

June 11, 2018

Niji Narayan

Photo credits: twitter.com

Reading Time: < 1 minute

Tabcorp, the Australia-based gaming operator is in talks with News Corp’s UK subsidiary as it wants to come out of Sun Bets online gambling venture.

Tabcorp has attributed its latest decision to the poor performance by Sun Bets. Last year, Sun Bets’ profit has fallen by 58 per cent. The company is still in discussion with News UK but it has already warned its staff about possible job cut.

The Australian company is just two-and-a-half years into a 10-year deal with News UK to operate the online bookmaker, which is linked to The Sun tabloid newspaper.

The agreement was only announced in December 2015, but Tabcorp acknowledged in October 2017 that Sun Bets had been performing below expectation and signalled a review of the business.

Sun Bets recorded a first-half earnings loss of $22.5 million, and Tabcorp chief executive David Attenborough in February said the unit had not been able to differentiate itself in a crowded marketplace of more than 400 operators.

Source: 5StarMedia

Related Topics:

Up Next

MGM China looks for Macau extension

Don't Miss

BANDAI NAMCO finishes new project Tblisi

Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.