Tabcorp sees revenue drop 1.5% for H1

Revenues came in at AU$2.8bn (US$2.2bn) for the first half of the 2020/2021 financial year.

Australia.- Lottery services provider Tabcorp has reported AU$2.8bn (US$2.2bn) in revenue for H1 of its financial year, down 1.5 per cent year-on-year.

The primary source of revenue remained lotteries and keno, which saw a 1.6 per cent increase in revenue to AU$1.61bn (US$1.25bn). In this sector, EBITDA was up 12.8 per cent to AU$311m (US$241m).

Revenues in the wagering and media business increased by almost 1 per cent (US$922m) with digital revenue up 34 per cent due to Covid-19 retail closures and restrictions. EBITDA was AU$227m (US$176m), down 3.0 per year-on-year.

In the gaming services segment, revenues were down by 51.0 per cent to AU$73m (US$57m) and EBITDA fell 66.7 per cent to AU$22m (US$17m), mainly due to venues operating under social distancing restrictions.

Tabcorp Managing Director and CEO David Attenborough said: “After taking actions to reduce costs, preserve cash and strengthen the balance sheet over the past 12 months, Tabcorp is emerging from Covid-19 challenges in a stronger financial position.”

The company has received an offer for its wagering and media business from the British gaming giant Entain.