Tabcorp sees profit fall despite revenue gains

Finance News

Tabcorp Holdings have announced a profit of $185m for the six months ended on December 31, 2020 down 7%. Retail wagering turnover dropped 28 per cent, but its online betting arm received a 43 per cent boost.

Managing Director and chief executive David Attenborough reiterated there had been interest from other companies looking to buy its underperforming wagering arm.

Entain has been heaviest linked with a rumoured $3 billion deal, while Apollo, a US private equity firm, has also bid.

Tabcorp said it had received a number of unsolicited approaches and proposals, with the details to remain confidential with them indicative and non-binding.

“There has been considerable commentary in the market about our wagering and media business. We have confirmed we have received a number of proposals and unsolicited approaches in relation to a potential transaction involving this business,” the company said in a statement.

“They are also highly conditional and subject to numerous requirements such as due diligence, financing and various regulatory and racing industry approvals.

“The board will take the appropriate time to carefully consider all of the relevant issues and strategic options that arise in respect to these matters.”