Entain Australia and New Zealand (Entain ANZ) is closing down TAB Racing Club in New Zealand, a racehorse ownership program established last year.
The TAB Racing Club launched in September 2024 and was modelled on a similar club operated by Entain through its Ladbrokes brand in Australia.
Despite attracting around 18,000 New Zealand customers, Entain said that the business case for continuing the program did not weigh up against the annual costs of NZ$2.5 million (approx. €1.3 million).
Entain confirmed it will honour all existing experiences until the end of New Zealand Cup Week in Christchurch in November, and is in the process of selling the club’s horses, which involves independent appraisal.
“This is a disciplined, responsible decision that allows us to get back to basics – selling bets and delivering strong returns to the New Zealand racing industry,” said Entain ANZ chief executive Andrew Vouris. “We are focused on our core business of responsibly selling bets and creating innovative products, while ensuring the horses are well cared for with their new owners, and our customers enjoy the experiences they’ve already secured.
“This decision is about discipline, focus, and doing what’s right for the long term – winning, but not at all costs.”
Entain added that it remains committed to delivering strong returns to the New Zealand racing industry through its 25-year partnership with TAB New Zealand.
Shares in Entain plc (LSE:ENT) were trading 0.70 per cent lower at 860.60 pence per share in London Wednesday morning.