Saturday, June 22, 2024 - Login

Tabcorp digital turnover grows, though group posts loss

Tabcorp digital turnover outstripped retail turnover for the first time in a full year after Covid-19 forced the closure of its outlets and tipped the group to an $870 million ($631.8 million) loss.

Total revenue fell 4.8 percent to $5.2 million, while the group reported a loss of $870 million.

Wagering & Media revenues were $2.1 billion, down 10.1 percent, though its digital wagering turnover was up 3.8 percent to $7.1 billion, while retail turnover fell almost 28 percent to $5.4 billion.

Gaming services revenues were $221 million, down 27.3 percent and EBITDA was $84 million, down 42.5 percent. 

Lotteries & Keno revenues were $2.91 billion, with Powerball turnover surging 16 percent.

“The Lotteries result reflects investments in digital and retail channels and the evolution of Tabcorp’s game portfolio to appeal to a diverse and growing customer base, it said.

J.P. Morgan analyst Don Carducci said lotteries aside, “TAH delivered a wagering result which we think calls into question the company’s product & execution. TAH has not delivered much in significance (or confidence) for Wagering as the strategy to give away more (generosities) for less share displays an inability to compete with online bookmakers.” 

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

Contact us

PO Box 1139, Macau SAR
Tel: +853 2871 7267
Fax: +853 2871 7264

Asia Gaming Brief