4 questions lodged at 2026 Tabcorp (TAH) hybrid AGM

Q1. The AFR published a story on August 24 about the McLachlan brothers and their dealings in Dabble shares. It was a bit hard to follow but could the chair and CEO both please summarise what happened and how the on-going conflict of interest is managed with Tabcorp being one of the largest shareholders in Dabble whilst the CEO's brother is also a top 10 shareholder, having bought the shares off his brother. Also, do the brothers have any profit-sharing understandings on their Dabble shares or pre-emptive rights to each other?

Answer: The chair Brett Chenoweth said they were fine with everything and it was the Victorian gambling regulator who made Gill offload his Dabble stake. Gill defended the sale to his brother on the grounds that Hamish was already a Dabble shareholder and said there are no follow-on arrangements related to the stake, which is all good. Tabcorp owns 22% of Dabble and wants it to succeed and if Hamish McLachlan does well too, everybody wins. Watch video of exchange via Twitter.

Q2. The AFR reported on August 16 that our CEO Gillon McLachlan held discussions with Dazn about the possible acquisition of Foxtel only 18 months after it was purchased from News Corp. The paper claimed we are paying Barrenjoey investment banker Matthew Grounds to advise on the issue. What is our current arrangement with Barrenjoey? Is it a live mandate just to pursue the acquisition of Betmakers or are we exploring other options? Did the board investigate the leaking of this Foxtel situation and does it understand who leaked it and why?

Answer: Tabcorp chair Brett Chenoweth confirmed Barrenjoey is retained on the Betmakers acquisition but offered a straight bat on The AFR's Foxtel acquisition report, giving nothing away. He commended me for reading the paper, when buying time coming up with an answer. Watch video of exchange via Twitter.

Q3. The CEO was a well know race horse owner and punter before he took the job as Tabcorp CEO. If he wants to have a bet now, does he have to do it with a rival agency such as Sportsbet or do our policies allow Tabcorp personnel to bet with the company? Also, what is the company's policy on directors and KMP having ownership stakes in race horses or grey hounds. Is it regarded as alignment and a sign of passion for our industry or a potential conflict of interest which needs to be managed, disclosed or even potentially prohibited?

Answer: The chair Brett Chenoweth said Gill is expected to punt through his Tabcorp account, not a competitor, and they treat all customers equally. And as far as owning racing animals, the chair said the more the merrier, it's all alligment. Watch video of exchange via Twitter.

Q4. As we contemplate this latest LTI grant to the CEO, could he please summarise his other interests in the gambling industry. Is he still a special adviser to Crown Resorts owner Blackstone and, if so, does the money he gets from that job get taken into account when determining the size of his pay arrangements at Tabcorp? Also, apart from his brother's stake in Dabble, does the McLachlan family have any other investments in the gambling industry, including any connections to race horses which Tabcorp may offer wagers on?

Answer: A very funny finish from Gillon McLachlan at today's Tabcorp AGM regarding his spectacularly unsuccessful investments in many race horses. He is still a special adviser to Blackstone but somehow this has nothing to do with Crown Resorts. Work that one out. Watch video of exchange via Twitter.

Copyright © 2026 The Mayne Report. All rights reserved

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