Tabcorp to close Luxbet after merger

The Australian operator said its Luxbet business will close after the merger with Tatts Group.

Australia.- Tabcorp announced that it is planning to close Luxbet, its online bookmaker, after it completes the US$11 billion merger with Tatts Group. The company informed its customers on Friday via email.

As the company said on Friday, online bookmaker Luxbet will no longer accept bets from December 22. “In August, Tabcorp Holdings Limited (Tabcorp) announced it was undertaking a strategic review of its Luxbet business. 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,” said Tabcorp in the email. Tabcorp told its customers that they have time until January 19 to withdraw funds in their accounts.

Last week, Tatts shareholders approved the proposal for Tabcorp to acquire the whole issued capital of the business after an arrangement. The latest meeting where 99.5 percent of the shareholders were present to hear details of the proposal ended up with 98.6 percent of the votes in favor of the merger.

Moreover, Tabcorp also completed the sale of its Odyssey Gaming Services arm that is required to move forward with the process. The sale comes after concerns raised by the Australian Competition Tribunal (ACT), which questioned the level of competition in Australia if the companies decided to proceed with the process. Whilst the ACT ruled in favor of the merger, it established that Tabcorp had to get rid of its Odyssey Gaming division.