Tabcorp revenue down 6.1% in Q1

The company attributed the decline to a softer macroeconomic environment and lower fixed-odds yields.

Australia.- Tabcorp Holdings has released a trading update for the first quarter of 2023, revealing a 6.1 per cent decline in group revenue. The company reported a 0.9 per cent reduction in wagering turnover and a 5.4 per cent decrease in wagering and media revenue. Digital wagering turnover rose by 1 per cent, although revenue was down by 3.9 per cent.

The gaming services revenue saw a decline of 12.7 per cent, primarily attributed to the sale of eBet and a decrease in contracted EGMs compared to the prior corresponding period.

Tabcorp Managing Director and CEO Adam Rytenskild said: “Given the softer trading environment, I’m pleased we grew digital wagering turnover, which highlights that customers are responding to our new digital customer offering. 

“We continue to be relentless in the way we execute our TAB25 strategy and remain focused on making the right decisions for the long-term success of the business. As we head into the Spring Carnival and the start of the NBA season, I’m excited to have released our 13th update to the TAB App since it was launched last Spring. 

“We’re in the midst of implementing significant change as a company and industry. Our strategy is on track as level playing field and licence reforms commence, our customer reputation grows, and cost base reduces. Our transformation continues at pace and I am confident we will deliver the value laid out in our TAB25 Strategy.”

For full-year 2023, Tabcorp’s revenue from continuing operations was AU$2.43bn (US$1.58bn), up 2.6 per cent year-on-year. Wagering and media revenues were AU$2,230.8m, up 2.2 per cent. Revenues from wagering increased by 1.9 per cent to AU$1,761.1m. TAB cash wagering revenues were AU$818.4m, up 25.1 per cent.