TAB NZ posts turnover of US$143m for January
Turnover was up on budget, driven by strong returns from sports betting and domestic racing.
New Zealand.- TAB New Zealand (TAB NZ) has released its financial report for the month of January. Turnover was NZ$230.1m (US$143m), 0.9 per cent above budget. Gross betting revenue (GBR) was NZ$36.8m (US$22.9m), also up on budget by 0.9 per cent. Gross betting margin (GBM) was 16 per cent.
TAB NZ says turnover was driven by strong returns from sports betting and domestic racing. January saw an increase in field sizes across all three codes of racing, with figures either up or matching the year-to-date average.
Thoroughbred racing saw an average of 10.9 starters per race, surpassing the year-to-date average of 10.6. The peak meeting turnover of NZ$6.6m was recorded on January 21 during the Karaka Million at Pukekohe. Harness racing also saw an increase in average starters per race, with 10.3 versus the YTD average of 10.1. The peak meeting turnover of NZ$1.4m was recorded on January 6 at Cromwell.
Meanwhile, greyhound racing maintained its average of 7.4 starters. The peak turnover was NZ$369k on January 5 at Cambridge. The second test between Pakistan and the Black Caps was the top sporting event by turnover, generating NZ$0.7m. Basketball dominated in-play sporting codes, accounting for 36 per cent of in-play turnover and topping pre-match singles with 31 per cent of pre-match turnover.
Racing Codes received NZ$13.4m in distributions and other payments for January, lower than the budgeted NZ$15.8m. The payment was made up of TAB NZ Betting Profit, offshore bookmaker commission fees based on actual turnover, and Betting Duty/Levy repeal.
Operating expenses exceeded budget expectations due to increased technology spending and expenses associated with finding a strategic partner.