The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • 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.

TAH by the numbers
More From The Market Online
The Market Online Video

Calmer Co’s kava products hit shelves at 500+ Coles stores

Kava health food drink producer Calmer Co has finally seen its products hit the shelves at…

Kathmandu (ASX:KMD) tips millions in losses as Australia locks down

Kathmandu (ASX:KMD) has closed doors on 66 stores in Western Australia and New South Wales, as…

Bubs Australia sees growth in the US, on track for positive FY25 EBIT

Bubs Australia (ASX:BUB) posted an update on its growth in the US market, and the latest…

Kogan’s HY result mixed, but shares up more than 20pc defying risk-off brokers

Online retailer Kogan (ASX:KGN) posted its half year report to 31 December 2023 on Monday, to…