TAB NZ posts net profit of AU$15.3m for April

Net profit was 2.7 per cent above budget for April.
Net profit was 2.7 per cent above budget for April.

Gross betting revenue was 5.3 per cent over budget.

New Zealand.- Tab New Zealand has shared its financial results for April. It reported a turnover of AU$221.7m, 0.8 per cent above budget. Gross betting revenue (GBR) was AU$37m, 5.3 per cent above budget.

Turnover was above budget for the second month in a row, and racing and sports betting turnover and profit performed well despite fewer customers interacting with the retail and hospitality sector. Net profit reached AU$15.3m, AU$0.4m above budget. Betting net profit was AU$14.0m but gaming net profit was 13.3 per cent below budget at AU$1.3m.

The top sporting event by turnover in April was the US Masters Golf tournament at AU$1.01m followed by the Warriors vs Storm NRL on the 25th of April at AU$0.77m. The leading in-play sport was basketball, which accounted for 32 per cent of in-play turnover. The top pre-match sport was rugby league, accounting for 29 per cent of pre-match turnover.

The Sires Produce Stakes Raceday at Awapuni was the most popular racing event, with turnover of AU$2.6m. For the financial year-to-date, the company reported a net profit of AU$124.4m, AU$0.8m above budget but down AU$14.7m year-on-year.

TAB NZ said: “TAB continued to operate successfully through its online and retail channels throughout April, despite some impact to retail operations due to the current Omicron outbreak. The outbreak has had a continued impact on foot traffic in the retail and hospitality sector, although this eased towards the end of April once New Zealand passed the peak of the Omicron outbreak.”

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