TAB NZ posts turnover of US$124.2m for June

Wagering turnover was 3.9 per cent below budget.
Wagering turnover was 3.9 per cent below budget.

TAB NZ’s June results were slightly down on the overall positive trend of the 2021/22 financial year.

New Zealand.- TAB NZ has shared its financial results for June, reporting a turnover of NZ$197.3m (US$124.9m), 3.9 per cent under budget. Gross betting revenue (GBR) was NZ$31.6m, NZ$1m below budget.

Profit for the month was NZ$11m, NZ1.7m below budget. On a year-to-date basis, total profit reached NZ$146.1m, NZ$3.4m below budget and NZ$17m below last year.

The top sporting event by turnover in June was the Super Rugby Pacific final between the Crusaders and Blues at NZ$1.36m. Tennis accounted for 24 per cent of in-play turnover, while Rugby League accounted for 32 per cent of pre-match turnover.

The company stated that while retail and hospitality was able to operate without capacity restrictions, “softening economic conditions also played a factor as customers adjusted to the rising cost of living.” 

It added: “There has also been a drop in starter numbers and/or across the three racing codes through April, May & June that has contributed to the variance in turnover.”

As for the future, TAB NZ said: “The Board will continue to factor in potential developments in New Zealand’s response to Covid-19 and the current global financial climate, as to how trading conditions are affected and how this may or may not affect profit distributions.”

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