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Australia – Revenue down for Tabcorp despite online rising

By - 13 October 2023

With revenue falling 6.1 per cent year-on-year during the current quarter, Tabcorp, the Australian betting giant, has said ‘a softer macro-economic environment’ will see declines across most of its divisions.

Tabcorp revealed betting turnover had fallen 0.9 per cent whilst Wagering & Media revenue had fallen by 5.4 per cent. Digital betting revenue dropped by 3.9 per cent, while Gaming Services revenue declined by 12.7 per cent. Tabcorp says it is close to finalising the planned sale of its Max Performance Solutions business. The company also revealed it was close to completing the sale of its Max Performance Solutions division. 

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.”

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