Australian racing giant Tabcorp Holdings Ltd has confirmed that it will shut down online sportsbook Luxbet, effective from 22 December, as part of its AU$11 billion merger with Tatts Group.
According to Victorian racing site racing.com, account holders were notified by email last Friday that Luxbet will stop accepting bets from 22 December 2017 and that all funds must be withdrawn from accounts by 19 January 2018.
“In August, Tabcorp Holdings Limited (Tabcorp) announced it was undertaking a strategic review of its Luxbet business,” the email 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.”
The Luxbet decision comes after the merger cleared its final two hurdles last week, with Tatts shareholders voting overwhelmingly in favor of the deal going ahead and Victoria’s Supreme Court also giving the seal of approval.
As a result, Tabcorp and Tatts will finally combine under the Tabcorp name from this Friday 22 December.
Aside from Luxbet, it has been suggested that Tatts Group’s own sportsbook UBET will also be shut down although there has been no official announcement yet.
Either way, residents of Queensland and South Australia will see the Tatts brand replaced by Tabcorp both online and in betting shops before the end of the year.
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