Tabcorp Q1 revenue rises 6.6%, announces commingling with HKJC

Tabcorp Holdings reported a 6.6 percent gain in Q1 group revenues helped by wagering and a boost from the FIFA World Cup.
Revenue rose to A$537.4 million ($469.7 million), up from $503.9 million for the same period in 2013.
The wagering business rose 8 percent in the quarter to $415.9 million, buoyed by good performances from racing and sport, including "a successful end" to the 2014 Soccer World Cup.
Tabcorp's Media and International business grew revenues by 4.8 percent to $57.1 million, while Tabcorp Gaming Solutions (TGS) was up by 2 percent to $25.1 million.
Tabcorp's managing director and CEO, David Attenborough said the company had started the 2015 financial year well.
 "We are seeing the benefits of targeted investment in our channels and products," he said.
In wagering, the investment over recent years into high-growth areas such as digital and fixed odds was paying off, he said.
Fixed-odds products were a driver of wagering revenue growth, with revenues up 32.1 percent. The Soccer World Cup contributed $25.2 million in revenues, of which $10.3 million was in the first quarter of the new financial year (July 1 to June 30).
The company also announced that the Victorian TAB will co-mingle its pools with the Hong Kong Jockey Club for most common bet types on the Sha Tin and Happy Valley races. 
“This agreement represents an important milestone in the strategic partnership between Tabcorp and The Hong Kong Jockey Club. Hong Kong offers massive betting pools and its racing is regarded globally for its high quality”, said Tabcorp’s chief operating officer – media and international, Brendan Parnell. The company said it is in discussions with the HKJC to reciprocate the commingling arrangement on Australian races.
Hong Kong has close links with Australian racing because of the number of Australian horses, jockeys and trainers that compete in the region. Tabcorp customers wagered almost $70 million on Hong Kong racing in 2013/14.