Wagering and media revenue was also down by 5.4% as a direct result of lower fixed odds yields due to racing and sports results. The company noted that fixed odds yields came to 14.8% compared to 15% in Q1 2023. This was also lower than the three year average of 15.6%.
Tabcorp Revenue Down by 6.1% in Q1 2024Tabcorp Q1 2024 Highlights
- Group Revenue down 6.1%.
- Wagering Turnover down 0.9% and Wagering & Media Revenue down 5.4%.
- Digital Wagering Turnover up 1.0% and Digital Wagering Revenue down 3.9%. Tabcorp Revenue Down by 6.1% in Q1 2024
Tabcorp Managing Director & Chief Executive Officer, Adam Rytenskild said:
Tabcorp Revenue Down by 6.1% in Q1 2024 Tabcorp Revenue Down by 6.1% in Q1 2024Tabcorp Facing Fines
Earlier this week Tabcorp was fined AU$15,000 ($9,538/€9,061) for offering an inducement to gamble to people without a TAB betting account.
In September, the Victorian Gambling and Casino Control Commission (VGCCC) announced that Tabcorp faces 54 charges, 27 of which relate to minors accessing a gambling machine area and play pokies. If found guilty, the company could face a maximum fine of AU$698,997 ($451,383/€422,100).
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.