Entain Australia is reportedly disbanding its Ladbrokes Racing Club (LRC) program, citing rising operational costs.
The LRC was launched by Entain in 2023, offering members an ownership-like experience.
Entain Australia CEO Dean Shannon was quoted by media as saying that “The increasing product fees and taxes in Australia, along with the rising cost of racing, has forced tough decisions to be made regarding these extra initiatives”.
LRC was responsible for racing thoroughbreds, standardbreds and greyhounds.
Despite the announced program closure, Shannon reiterated that Entain would continue with new racing initiatives in 2025.
However, LRC representatives will be conducting a transition their racing stock, with some horses to be transferred to New Zealand, while others will be sold via Inglis Digital.
Shannon indicated that, despite the LRC winding down in Australia, its New Zealand operations would not be affected.
“The TAB Racing Club in New Zealand will remain unaffected and continue to be active on the track,” stated the executive.
The closure of the LRC program comes during a difficult time for gaming operators in Australia. Entain Australia itself faces an investigation by the country’s financial watchdog AUSTRAC into possible violations of anti-money laundering laws.
The investigation, announced in AUSTRAC in December of last year, alleges “that Entain did not develop and maintain a compliant anti-money laundering program and failed to identify and assess the risks it faced. We are alleging this left the company at serious risk of criminal exploitation,” stated AUSTRAC’s CEO Brendan Thomas at the time.
