Luxbet site is casualty of Tabcorp, Tatts merger
Tabcorp has closed its Luxbet online betting business following its Aus$11bn (€7.08bn/US$8.33bn) merger with Tatts.
Luxbet account holders were told by email that bets will no longer be taken from December 22. They have until January 19 to withdraw funds in their accounts.
The decision on Luxbet, which was established in 2008, was made as part of the consolidation process following the combination of the two leading Australian gambling companies.
“In August, Tabcorp Holdings Limited (Tabcorp) announced it was undertaking a strategic review of its Luxbet business,” the Luxbet release said.
“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.”
Luxbet reported earnings before interest and tax loss of $13m for the past financial year.
Last month, the Australian Competition Tribunal ruled the Tatts/Tabcorp merger could go ahead on the condition that Tabcorp sell its Odyssey Gaming division. The division was sold to Australian National Hotels last week.
Related article: Tabcorp sells Odyssey, Tatts shareholders approve merger