Tabcorp takes 20% stake in socially attuned Dabble 

Tabcorp has committed to invest AUS $33m (€21m) in Dabble Sports, an Australian start-up which aims to develop sports betting’s most socially responsive wagering platform.   

The investment will see Tabcorp secure a “20% equity interest” in Dabble’s commercial development, with the ASX group allowed to appoint a director to the start-ups board.

Founded in 2020 by Tom Rundle (CEO) and Jonathan Robin (CSO), Dabble has developed and launched a mobile app made for modern sports audiences, allowing its users to share and copy bets and to follow punters’ performance.

Since its launch, Dabble has garnered more than 150,000 customers and reported in June a quarter annualised revenue of AU$47m.

The funding represents the first strategic investment made by new Tabcorp CEO Adam Rytenskild, who stated: “Dabble is one of the most unique and innovative wagering brands and our investment today fits perfectly with our transformation agenda. Our stake in Dabble will give us exposure to innovative product capability and ultimately to a younger customer base.

“The investment comes with the new TAB App now live, on time, as promised. The launch of the app has had an immediate impact with customers, delivering an 11% increase in weekly active customers compared to the six weeks prior to launch.”

Tabcorp underlined Dabble’s potential to engage and capture a new younger audience segment for sports betting, with both companies committed to “explore opportunities to create win-win innovations and growth”.

Key venture milestones have seen Dabble become the second most downloaded Australian sports betting app in April 2022, outperforming the likes of TAB, PointsBet, Bet365, BlueBet and Entain (Ladbrokes + Neds).

Dabble CEO Tom Rundle commented: “We’re excited to partner with Tabcorp given their new energy and direction, and look forward to growing Dabble even further together. 

“TAB is synonymous with punting in Australia and our brands will complement each other so that Dabble can continue to expand its evolutionary social betting experience to more punters.”