Tabcorp CEO Gillon McLachlan delivers a coach-in-chief pep talk to investors, urging belief in his turnaround strategy of the embattled ASX wagering group… 

Gillon McLachlan, CEO of Tabcorp Holdings, has told investors that his leadership holds a relentless ambition to execute plans that will return Tabcorp as Australia’s most valuable gambling business.

The message was delivered in coach-like manner befitting of the former AFL boss, who took on the role of CEO of Tabcorp in January 2025, a business branded as the “sick man of the ASX” following two years of consecutive multi-million-dollar losses.

McLachlan pointed to clear turnaround metrics in the first year of his transformation plan. Tabcorp reported double-digit revenue and EBIT growth, $39m in OPEX savings, and debt reduction of $251m, leaving leverage at just 1.6x. “We are a fitter, leaner organisation with clear accountability and stronger execution,” he told analysts.

Central to the recovery is the Victorian TAB licence, which delivered an $84m EBITDA uplift in its first ten and a half months. McLachlan described it as “a game-changer for Tabcorp – the Victorian licence is more than just a contract, it is a foundation for growth that underpins our balance sheet and proves our ability to deliver value to both shareholders and the racing industry. It gives us certainty, scale and momentum as we push forward”.

Tabcorp’s retail modernisation project was also placed at the forefront of projects. Moving forward on investments,  management has rolled out new betting terminals, in-venue screen control and refreshed branding, alongside omnichannel offers such as “Tap Time”. Early signs from retail in-play betting trials in New South Wales were described as “seamless”, with further expansion under consideration.

At the same time, McLachlan flagged a revamp of the Sky platform, Tabcorp’s sports and racing broadcaster, promising better presentation, new talent and international distribution to help the business move to a stand-alone model

“Sky is one of our strongest assets, but it has to evolve. By spring, Sky will look and feel different – sharper coverage, better integration with our betting products, and a broader reach that includes international audiences. This is about turning Sky into a true engine of growth for the whole group.”

Investors pressed McLachlan on his ambition for a national tote – a long-held industry aspiration that would unify pools across states to boost liquidity and product innovation.

He maintained that Tabcorp is “committed” and working with regulators and racing bodies to make it happen, but admitted more work lies ahead before it becomes reality.

The CEO, adopting the sports narrative of a coach rebuilding a fallen team, stressed that Tabcorp “this is a business that must never rest on its laurels” as it once did in its days as a dominant state monopoly. 

He concluded: “We are leaner, more ambitious, and more disciplined – but we know the competition is stronger than ever, so execution must be relentless. This is a fitter Tabcorp, and we intend to prove it every day.”