- Australia’s largest gambling company, Tabcorp Holdings (TAH) has lost its bets to COVID-19, standing down 700 staff
- The company has taken a hit from the cancellation of major sporting events, causing it to close its venues and TAB agencies
- It has also moved full-time workers to eight days a fortnight
- At this stage, Tabcorp does not know of the effect the virus will have on the overall earnings from the Group
- The company is up 3.89 per cent on the market today, selling shares for $2.81 each
Australia’s largest gambling company, Tabcorp Holdings (TAH), has lost its bets to COVID-19 as the sporting world is put on pause.
The company has closed its venues and TAB agencies, where so many of its clients come to take a punt.
Due to this, Tabcorp has stood down 700 employees until June 2020, as there is currently no work. It has also moved full-time workers to eight-day fortnights.
Chief Executive David Attenborough said the company is looking into the federal government’s $130 billion JobKeeper wage subsidy, which provides $1500 per worker a fortnight and is expected to pass parliament this week.
“This continues to be a very challenging time for our people, businesses, partners and the community,” David said.
“We are committed to working proactively and collaboratively with all our stakeholders so that we can collectively emerge from the COVID-19 period as strongly as possible,” he added.
At this stage, Tabcorp does not know of the effect the virus will have on the overall earnings from the Group.
The company’s lotteries, Keno, Wagering & Media digital channels continue to operate, as well as the lottery’s retail network of newsagents, convenience stores and other outlets.
Tabcorp is up 3.89 per cent on the market today, selling shares for $2.81 each at 12:00 pm AEST.