The gaming company’s CEO Adam Rytenskild causes laughs at Entain, the foreign-owned giant that once offered $3.5 billion for his wagering assets.
plenty of space to hold court this week, printing a Tabcorp press release disguised as a Q&A interview.
The CEO was able to drone on with the same old gear, including taxes on his competitors headquartered in Darwin, restrictions on gambling ads, except all the ones he likes etc. Boo Adam! Get some new material!The ASX-listed company’s media flunkies must have loved the headline – “Tabcorp boss: The wagering market will be measurably larger in 10 years” – because they chucked the article up on LinkedIn.
Rytenskild and his board swatted away Entain’s $3 billion 2021 takeover bid for its wagering business , arguing Tabcorp had a better path forward demerging its core wagering and lotteries businesses. Four years earlier, Tabcorp and Rytenskild merged with Tatts, paying a 20 per cent premium, to create wasPost the 2022 Tabcorp demerger – creating the Lottery Corporation – Rytenskild has a diminished wagering business with a $1.
There’s now an open guessing game in wagering circles about how far the big green giant’s share price will slide until cashed-up foreign suitors again come knocking, smelling a bargain. Rytenskild likely won’t have an ace up the sleeve this time. Tabcorp’s shareholders sure aren’t laughing. is Rear Window columnist, based in the Sydney newsroom. He previously worked at BuzzFeed, the Financial Times and The Information before joining the Financial Review as a media and tech correspondent.
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