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TAB cuts jobs after plans to axe 30 percent of its workforce
25th May, 02:59The sports betting agency the TAB is informing staff of job losses today, after a proposal to cut hundreds of roles due to the Covid-19 downturn.
TAB had consulted on removing 220 jobs over the last two weeks, 30 percent of its workforce.
A spokesperson would not confirm the final number or details of the redundancies, but said staff were being told the fate of their jobs today before the company made a public statement tomorrow.
The betting company's parent entity, the Racing Industry Transition Agency (formerly the Racing Board) said revenue was down almost 50 percent in April, with most live sports and racing cancelled over the last few months.
"Despite far reaching efforts to reduce costs across the TAB, including salary reductions, staff taking leave and reducing all non-essential expenses, it simply was not enough to offset the blow Covid-19 has had, and will have, on our industry," executive chair Dean McKenzie said.
"The implication of the pandemic extends beyond the immediate impact to the TAB, with racing and sport looking very unpredictable over the next year. The reality is the TAB will need to be a leaner, more efficient business with fewer roles, and focused on driving our core wagering and gaming business."