TAB NZ turnover up 16% in March

TAB NZ has reported gross betting revenue of $34.6m, up 20.9 per cent month-on-month.

New Zealand.- Tab New Zealand has shared its financial results for March. It reported that betting turnover was up 16.7 per cent month-on-month to $215.9m. The figure was $4.7m over budget. Gross betting revenue was $34.6m, $0.9m above budget.

A new rise in Covid-19 cases has had a continued impact on foot traffic in the retail and hospitality sector, leading to a downturn in gaming turnover at TAB retail outlets, but these figures showed signs of improvements towards the end of March.

Revenue in March was $12.1m, $1.6m below budget but up 7 per cent month-on-month. Betting revenue was $10.7m, up 5.9 per cent when compared to February, while gaming revenue was $1.4m, up 16.6 per cent.

The company said year-to-date earnings were $109.1m, down $7.6m from last year. Year-to-date operating expenses were $76.9m, an increase of $2.7m when compared to the 2020-2021 financial year.

The Vodafone NZ Derby in Ellerslie was the most profitable event of the month, with $793,000 in sales. The second highest was the Barfoot & Thompson Auckland Cup at $756,000, followed by the Al Basti Equiworld Dubai New Zealand Oaks at $633,000.

New Zealand announces review after US$1.81bn spent on gambling in 2020/21

The Department of Internal Affairs has revealed that New Zealanders spent NZ$2.63bn (US$1.81bn) on the four main types of gambling in the 2020/21 financial year. Spending was up 17 per cent when compared to the previous financial year, with spending on slot machines (known as ‘pokies’) outside casinos up 23 per cent to NZ$987m – the highest level in five years.

Internal affairs minister Jan Tinetti has announced a government review to target and reduce harm suffered by people who use slot machines.

Andree Froude, a spokesman for the Problem Gambling Foundation, welcomed the scrutiny but expressed concern about the rise in gambling spending.