The knives are out at Tabcorp, where the wagering group’s institutional investors are deeply unhappy with the company’s performance. And who can blame them, with shares down almost 50 per cent since the start of the year.

The disquiet has turned into a full-blown revolt, sources told Street Talk, during investor meetings after Tabcorp accounts were released late last month. That’s when the company’s new chief executive, former AFL boss Gillon McLachlan, disclosed Tabcorp would not meet cost-cutting targets, or its ambitions for a 30 per cent share of the digital wagering market by next year. Tabcorp’s share sits around 23 per cent.