TAB NZ reports 43.8% increase in revenue for January

Revenue and profit for january came in above expectations.
Revenue and profit for january came in above expectations.

TAB NZ’s gross betting revenue reached NZ$38.1m (US$27.6m) in January, $7.4m above expectations.

New Zealand.- Tab New Zealand (Tab NZ) has reported revenue of NZ$38.1m for January, a 43.8 per cent increase from $26.5m in the same month last year.

The figure also represents an increase of 4.4 per cent from $36.5m in December of 2020.

Net profit for January reached $17.1m, 44.9 per cent above budget.

For the first half of the 2020/2021 financial year, net profit reached $94.5m, which was $25.9m ahead of budget.

In the sports betting segment, thoroughbred racing in New Zealand during January brought in $57.6m in bets, helped by record $6.7m from New Year’s Day racing at Ellerslie.

Basketball betting, focused on North America’s National Basketball Association, saw bets of $68.3m.

New Zealand’s domestic harness racing accounted for $23.1m in bets and greyhound racing $12.5m.

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