New Tabcorp chief executive Gillon McLachlan has dumped an ambitious turnaround strategy run by former management and wiped more than $500 million from wagering assets in a reset of the business which has struggled against larger bookmakers.
Tabcorp shares sank more than 15 per cent on Wednesday after Mr McLachlan told investors the company would not meet cost-cutting targets or hopes to take a 30 per cent share of the digital wagering market by next year. That share sits at 22.9 per cent.
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Zoe Samios covers wagering and the business of sport from the AFR's Sydney newsroom. She was previously the media and telecommunications reporter for The Sydney Morning Herald and The Age, and covered media at The Australian. Connect with Zoe on Twitter. Email Zoe at zoe.samios@afr.com
