David Attenborough Tabcorp CEO
Australian gaming and sports betting operator Tabcorp, posted a net profit of AUS $ 129.9 million, up 2.6% on 2013 corresponding period.
Tabcorp financial performance suffered from its discontinued Victoria gaming operations, which impacted business revenues with $19.2 million tax levies. Tabcorp senior management are in the process of challenging the levies imposed and claiming revenues back.
The Australian gambling operator saw net profits up 7.4% to $149.9 million (2013 – $139.1 million), despite witnessing a wagering slump of 4% in to $2.04 billion.
Fixed Odds growth was again the highlight with revenues up 26.5% to $511.5 million.
Tabcorp reported that Fixed Odds racing revenues of $322.9 million, up 37.0%, primarily driven by an expansion in the number of markets offered and ongoing shifts in customer preferences towards Fixed Odds products.
Operator brands Luxbet posted improved revenues of $47.9 million, up 22.5%., whilst racing brand Trackside posted revenues $89.3 million, up 1.1%
Tabcorp Chief Executive David Attenborough commented on Tabcorp performance
“The strong performance of our wagering business was driven by excellent growth in fixed odds and digital wagering,”
“Our gaming services business, TGS, has built on the solid foundation laid in its firstyear in Victoria by successfully entering NSW. TGS is now well placed for further expansion.”
Tabcorp 2014 Performance
