TAB NZ posts net profit of AU$15.3m 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.”