Tabcorp sees digital expansion drive revenue 14%

Finance News

Tabcorp’s market share was up 23.9 per cent to 24.7 per cent in the September quarter. It’s also sticking to its cost growth guidance of 3-4 per cent on last financial year for fiscal 2023.

Wagering & Media revenue was down 5.1% to $2.18 billion, while Gaming Services improved with revenue up 5.3% to $193 million.

Revenue was up 14.2% and digital revenue market share was 24.7%, up from 23.9% in the fourth quarter of FY22 and stable on the comparative period. This again highlights that we have stabilised and improved digital market share after it fell below 24% in FY22.

Net Debt as at 30 June 2022 was $20 million. Group Revenues from continuing business of $2.37 billion down 4.3%. Group EBITDA from continuing operations of $382 million or $361 million on a pro forma basis.

Bruce Akhurst noted that Tabcorp had outperformed the market by more than 20 per cent since its demerger with The Lottery Corporation, completed in May this year.

“The hero metric we have adopted to measure our performance in our core wagering business is
digital revenue market share.” he said. The group recently acquired a 20 per cent stake in social-betting platform Dabble following the $62 million sale of eBet.