Australian bookmaker Tabcorp Holdings Limited has released a trading update for Q1 2024 (July 1st – Sept 30th) showing that group revenue has dropped by 6.1% year-on-year.
According to the update published today, wagering turnover also dropped by 0.9% while online turnover grew by 1% compared to the same period in Q1 2023.
Tabcorp Revenue Down by 6.1% in Q1 2024Gaming services revenue dropped by 12.7%. Tabcorp cited the removal of eBet revenue following the sale of the business in February 2023 as the primary reason for this drop. The previously announced sale of MPS is currently expected to be completed by the end of H1 2024.
Tabcorp 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%.
- Gaming Services Revenue down 12.7%, due to eBet sale and lower contracted EGMs.
Tabcorp Managing Director & Chief Executive Officer, Adam Rytenskild said:
“Given the softer trading environment, I’m pleased we grew digital wagering turnover, which highlights that customers are responding to our new digital customer offering. We continue to be relentless in the way we execute our TAB25 strategy and remain focused on making the right decisions for the long-term success of the business.
Tabcorp Revenue Down by 6.1% in Q1 2024
Tabcorp 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.