SBC News Voice of the Sports Betting Industry
Tabcorp Holdings stands by its long-term recovery strategy as a new leadership team takes control of the heritage ASX gambling group, with the pledge to secure new costs savings.
Publishing its H1 2025 accounts, Tabcorp underscored the need for clear accountability to turn around the performance of a business impacted by a full-year 2024 statutory net loss of AU$1.4bn (€850m).
For the period, Tabcorp reported group-wide revenues of AU$1.33bn, up 10% from H1 2024 comparatives of AU$1.21bn. Further positives included ASX group EBITDA standing at AU$190m, up 12% compared to 2024 results of AU$170m.
Headline growth was attributed to the benefits gained from the successful transition of the Victorian Wagering and Betting Licence.
Tabcorp initiated its exclusive management of the ‘Victoria Licence‘ on 16 August 2024, a contract reflecting an EBITDA uplift of AU$36.4m over 4.5 months in H1 2025, broadly in line with expectations given soft trading conditions.
Taking full control of the Victoria Licence boosted the performance of Tabcorp’s Wagering and Media division, which posted an 11% increase in revenues to AU$1.23bn (H1 2024: AU$1.16bn). Of significance, Tabcorp’s TAB brand will now assume full commercial responsibility for betting activities in Victoria, having ended its joint venture with the Victorian Racing Industry (VRI).
Excluding the Victorian Licence, Tabcorp Wagering would have reported stagnant results (0% growth) in domestic wagering, reflecting a soft trading period for the market.
Tabcorp continues to prioritise platform and omni-channel upgrades to strengthen the Wagering and Media division, which reported an EBITDA contribution of AU$157m.
Moving forward, Tabcorp will implement a new strategy for the Wagering and Media division, led by the dual appointment of Michael Fitzsimons as Chief Wagering Officer and Jarrod Villani as Chief Commercial and Media Officer (CCMO).
Closing its H1 accounts, Tabcorp declared a net profit (after tax) of AU$22m, up 25% on 2024 results of AU$18m. Period comparatives are measured against the severe financial impacts of H1 2024 trading, during which Tabcorp booked initial impairment charges totalling AU$731m (€440m).
Leadership maintains its focus on improving group-wide cost controls, having pledged to increase operational expenditure (opex) savings to AU$30m, up from AU$20m previously, a target set despite inflationary pressures.
The pledge is led by new Group CEO and Managing Director Gillon McLachlan, who viewed the H1 results as a positive step in Tabcorp’s long-term recovery:
“Tabcorp is getting fitter. We have increased our wagering and media capability at the leadership level, developed a simpler, more cost-effective operating model, and are operating with a bias for action and increased accountability.
“Today’s pleasing results demonstrate a company executing better—reflecting an improved cadence and a culture of accountability. Over the past six months, we have taken significant action to enhance our cost and capital discipline, and that is evident in today’s results.
“When I joined Tabcorp, I was drawn to the value that can be unlocked within our unique set of strategic assets. Unlocking that value and taking a broader strategic focus will be the key to increasing shareholder value in the years ahead.”
