Tabcorp to acquire 20% equity interest in Dabble Sports

Tabcorp expects to reach a younger customer segment through its investment in the social digital wagering platform.

Australia.- Tabcorp has acquired a 20 per cent equity interest in Dabble Sports for AU$33.0m (US$20.9m). The deal gives Tabcorp 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. 

Tabcorp said its strategic investment gives the group access to Dabble’s product expertise and its strength appealing to younger consumers, allowing the companies to explore opportunities to create “win-win” innovation and growth.

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).

Adam Rytenskild, Tabcorp managing director and chief executive officer, said: “We are transforming our company, with a clear strategy and united ambition to grow digital market share.

“The investment comes with the new TAB App now live on time, as promised. The launch of the app has had an immediate impact with customers, delivering an 11 per cent increase in weekly active customers compared to the six weeks prior to launch.”

Tom Rundle, Dabble CEO, added: “We’re excited to partner with Tabcorp given their new energy and direction, and look forward to growing Dabble even further together. 

“TAB is synonymous with punting in Australia and our brands will complement each other so that Dabble can continue to expand its evolutionary social betting experience to more punters.”

The investment is subject to customary conditions, including approval by the Northern Territory Racing Commission.