Tabcorp revenue up 18.7% in first quarter of fiscal year

Tabcorp launched a new app last month.
Tabcorp launched a new app last month.

The company has provided a trading update on the quarter ending September 30.

Australia.- Tabcorp has reported that its first quarter revenue was up 18.7 per cent when compared to last year. Gaming and media revenue grew 14.2 per cent year-on-year, with the digital share rising from 23.9 per cent to 24.7 per cent. Revenue in the same quarter last year had been impacted by Covid-19 restrictions.

Tabcorp said this was achieved almost entirely through its old app. The new app went live in September and is expected to help increase revenue further in the second quarter and beyond. Compared to the six weeks prior to launch, Tabcorp saw a 16 per cent increase in weekly active customers, a 7 per cent increase in average equity and a 33 per cent increase in reactivations.

Meanwhile, gaming services revenue rose 91.7 per cent in the first quarter, although Tabcorp said this was primarily due to the pandemic-related venue closures in the same period last year.

Earlier this month, Tabcorp acquired a 20 per cent equity interest in Dabble Sports for AU$33.0m (US$20.9m). The deal gave the company the right to appoint a director to Dabble’s board, subject to probity approval.

Dabble is an online racing and sports bookmaker that enhances the betting experience by connecting its community. It was founded in 2020 and has over 150,000 customers. In June 2022, the business reported AU$47.0m in annualised revenue. 

It said the investment is in line with its strategy to increase its digital market share. Last month, it agreed to sell its eBet loyalty and tracking systems business to Venue Digital Technology Pty Ltd for AU$62m (US$41.5m).

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