Tabcorp reports stable half-year following reform of Victorian Wagering and Betting Licence

Domestic betting turnover increased 0.3 per cent for Tabcorp

Australian betting operator Tabcorp saw its revenue grow to $1,344.9m in the first half of the year, up one per cent on 1H25, reflecting the full benefit of the reformed Victorian Wagering and Betting Licence, the launch of a new retail commercial model, a unique in-play product offering, and a National Tote.

Domestic betting turnover increased 0.3 per cent, reflecting modestly improved trading conditions over
the half, and domestic wagering revenue increased 1.1 per cent on 1H25, including a full six month benefit of the reformed Victorian Licence following commencement in mid-August 2024. Excluding the impact of the reformed Victorian Licence, domestic wagering revenue decreased by 2.5 per cent, impacted by below average gross yields through September to mid-November. Gross yields were strong in late November and December, which helped to partially offset the softness earlier in the period International wagering revenue increased 6.6 per cent on 1H25, primarily due to the addition of new
customers.

Tabcorp Managing Director & Chief Executive Officer Gillon McLachlan said: “Our 1H26 results highlight that we are a more consistent company, with greater capability. We’re executing on our game plan while delivering ongoing cost and capital discipline. There’s greater depth in our business. I’m proud we’ve delivered double digit earnings growth in a half where wagering operators were impacted by a run of low yields during the Footy Finals and Spring Racing Carnival. We have been able to absorb this through strong execution by the team, particularly on the cost side, and through the diversity in our business.

“Through TAB and SKY, our digital, retail and media assets are more closely connected, creating a
genuine omnichannel experience for our customers and I expect that to evolve further in the
second half of the year. Our performance also reflects a refreshed customer offering, as we activated unique offers such as the TAB Takeover and TAB Time that bring to life our omnichannel assets. TAB Takeover, TAB Time, Mega Pot and Miss By One products are examples of the differentiation we are creating.

“There’s more to do and we’re not where we want to be yet, but we have made significant
progress in the first half, and we will remain relentless in executing on our strategy in the second
half and beyond.”