Entain’s Ladbrokes Racing Club to Shut Down in Australia
Entain Australia has announced that it will be shutting down its Ladbrokes Racing Club (LRC) program and cited increasing operational costs as the primary reason.
LISTEN TO THIS ARTICLE:Launched in 2023, the LRC provided members with an experience similar to racehorse ownership. However, Entain Australia CEO Dean Shannon explained that growing expenses in the industry have made it difficult to sustain such initiatives.
The increasing product fees and taxes in Australia, along with the rising cost of racing, have forced tough decisions to be made regarding these extra initiatives.
New Racing Initiatives to Arrive in 2025
The LRC managed thoroughbred, standardbred, and greyhound racing operations. Despite the closure of the program, Shannon said that Entain is committed to introducing new racing initiatives in 2025.
In the meantime, LRC representatives will oversee the transition of their racing stock. Some horses will be relocated to New Zealand, while others will be auctioned through Inglis Digital. Shannon said that while the Australian LRC is shutting down, Entain’s New Zealand TAB Racing Club will not be affected and will continue to operate as normal.
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Closure Comes amid AUSTRAC Investigation
The decision to end the LRC program comes at a challenging time for gaming operators in Australia. Entain Australia is currently under investigation by the nation’s financial watchdog, AUSTRAC, for potential breaches of anti-money laundering regulations.
AUSTRAC launched its inquiry in December last year and alleges that Entain failed to develop and maintain a compliant anti-money laundering program and did not properly assess its risks, which the CEO Brendan Thomas said left the company “at serious risk of criminal exploitation”.
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