{"id":777021288,"date":"2024-12-05T09:27:34","date_gmt":"2024-12-05T12:27:34","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777021288"},"modified":"2026-04-22T03:32:21","modified_gmt":"2026-04-22T06:32:21","slug":"tabcorp-reportedly-cuts-10-of-workforce","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/tabcorp-reportedly-cuts-10-of-workforce","title":{"rendered":"Tabcorp reportedly cuts 10% of workforce"},"content":{"rendered":"\n

The Australian Financial Review says nearly 200 employees have been dismissed since October.<\/p>\n\n\n\n\n\n\n\n

Australia.- Tabcorp<\/strong> has reportedly laid off 200 people \u2013 10 per cent of its staff \u2013 since the Annual General Meeting in October. The Australian Financial Review has cited a company spokesperson as saying that cuts have been implemented across almost all sectors, including Tabcorp\u2019s media division. Sky Racing, Tabcorp\u2019s horse racing broadcasting service, has reportedly not yet been impacted.\u00a0 \u00a0<\/p>\n\n\n\n

The layoffs come amid regulatory challenges and leadership transitions. Former chairman Bruce Akhurst <\/strong>stepped down in October and was succeeded by Brett Chenoweth<\/a>, a former CEO of APN News and Media. Earlier this year, Adam Rytenskild<\/a> stepped down as CEO and managing director after allegations of inappropriate and offensive language.<\/p>\n\n\n\n

Meanwhile, the company has faced regulatory penalties. The Australian Communications and Media Authority (ACMA) has fined\u00a0Tabcorp\u00a0AU$262,920 (US$171,731) for accepting\u00a0854 in-play bets across 69 tennis matches<\/strong>\u00a0from April to October 2023. And in August, Tabcorp was fined AU$4.6m (US$3.08m)\u00a0for sending marketing material to a customer who had requested not to receive it and for failing to train employees to minimise gambling harm.<\/p>\n\n\n\n

See also:<\/strong>\u00a0VGCCC orders Tabcorp to make most betting terminals cashless<\/a><\/p>\n\n\n\n

For the financial year 2024, Tabocorp posted a statutory net loss after tax of AU$1.4bn (US$951.1m), including non-cash impairment charges totalling $1,37bn (US$966m). The impairment charges were due to the delayed recovery in the Australian wagering market in the latter part of the financial year as increased inflation and interest rates resulted in reduced betting. <\/p>\n\n\n\n

Revenue was down 3.9 per cent\u00a0year-on-year<\/a>\u00a0to AU$2.34bn (US$1.59bn) while EBITDA was down 18.7 per cent to AU$317.7m (US$216m) and net profit after tax was down 66.8 per cent to AU$28m (US$19.0m). Wagering and media revenues were AU$2.16bn (US$1.47bn), down 3 per cent. Digital wagering revenue was down 2.2 per cent and media revenue declined 6.2 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Australian Financial Review says nearly 200 employees have been dismissed since October.<\/p>\n","protected":false},"author":176,"featured_media":20369,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Tabcorp has reportedly laid off 200 employees, 10% of its workforce, amidst significant leadership changes and ongoing regulatory challenges, including substantial fines from ACMA and VGCCC. These operational adjustments coincide with a statutory net loss of AU$1.4bn for FY2024, driven by impairment charges and a downturn in the Australian wagering market due to macroeconomic pressures.","focusai_entities":"Tabcorp, Australian Financial Review, Sky Racing, Bruce Akhurst, Brett Chenoweth, APN News and Media, Adam Rytenskild, Australian Communications and Media Authority (ACMA), VGCCC","focusai_location":"Australia","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), marketing_crm (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Tabcorp's Market Strategy","query":"How will Tabcorp's recent workforce reductions and leadership changes impact its competitive positioning and market share recovery strategy in the Australian wagering sector, particularly given the ongoing macroeconomic headwinds?"},{"label":"Regulatory Compliance Impact","query":"What specific enhancements to Tabcorp's governance frameworks and internal controls are anticipated following the ACMA and VGCCC penalties, and how might these influence broader industry compliance standards for in-play betting and responsible gambling?"}],"footnotes":""},"categories":[16336,157],"tags":[233,13716],"class_list":["post-777021288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-sports-betting","tag-tabcorp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777021288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777021288"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777021288\/revisions"}],"predecessor-version":[{"id":777021297,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777021288\/revisions\/777021297"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20369"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777021288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777021288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777021288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}