• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 7 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Tabcorp reports steady FY23 growth in wagering business after demerging from lotteries arm

Ben Blaschke by Ben Blaschke
Fri 25 Aug 2023 at 04:53
Australian betting technology firm BetMakers proposes AU$4 billion takeover of Tabcorp’s Wagering and Media arm
6
SHARES
158
VIEWS
Print Friendly, PDF & Email

Australian racing and wagering firm Tabcorp has reported a 2.4% increase in revenue from continuing operations to AU$2.43 billion (US$1.56 billion) in the 12 months to 30 June 2023, the vast majority coming from its Wagering and Media division.

Group EBITDA of AU$391.0 million (US$251 million) was also 8.4% higher year-on-year, with Tabcorp reporting a net profit after tax of AU$66.5 million (US$42.7 billion). FY22 profit of AU$6.78 billion (US$4.35 billion) had benefited from the demerger of the company’s lucrative lotteries and keno business, now listed on the ASX as The Lottery Corporation.

In Wagering and Media, segment revenue grew by 2.2% to AU$2.23 billion (US$1.43 billion) and EBITDA by 7.3% to AU$308 million (US$198 million) on the back of increased efforts to improve the company’s competitiveness in the digital wagering space. Tabcorp said that active account customers increased 3% to a record 805,000 in FY23.

“After the first year of our three-year transformation, we have increased total revenue market share and seen a stabilization in our digital market share,” the company explained. “We delivered increased digital turnover share and racing revenue market share, while 4Q23 sport yields relative to competitors negatively impacted our sport and total digital revenue market share.

“This is a pleasing result given the impacts in FY23 from new entrants, highly competitive generosity levels, and smaller scale operators targeting near term profitability.

In the Gaming Services segment, revenue grew by 3.4% year-on-year to AU$204 million (US$131 million) while EBITDA increased by 13.5% to AU$83 million (US$53.2 million), “reflecting a strong year for the business as it cycled negative COVID impacts in the pcp.”

“Today’s earnings and record active customers highlight the successful completion of the foundation year in the TAB25 transformation strategy,” said Tabcorp Managing Director and CEO Adam Rytenskild.

“We’ve built this foundation for growth by creating the right products, policy settings and attracting the people needed to transform our business. Our earnings, revenue and active TAB customers have all increased on last year and these strong metrics lay the platform to achieve our TAB25 ambitions.

“We are the only one of the large wagering operators in the Australian market to increase revenue and EBITDA in FY23.

“Our total revenue market share grew, highlighting the strength of our wagering ecosystem. Despite a distorted market which included the introduction of an aggressive new operator and increased generosity and marketing spend by competitors, our digital revenue share remained relatively stable, highlighting the strength of our new products.”

Addressing the recent introduction of Point of Consumption tax increases for corporate bookmakers in multiple states, including a planned increase in Victoria in 2024, Rytenskild added, “Queensland TAB has outperformed the Group TAB results on almost every metric since it commenced competing on a level playing field with our competitors. I’m looking forward to having a level playing field in Victoria next year.”

Tabcorp has declared a final dividend of 1.0 cents per share fully franked, to be paid to shareholders on 18 September 2023.

RelatedPosts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Wed 9 Apr 2025 at 06:16
Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

Wed 9 Apr 2025 at 05:40
10 years ago: China Syndrome

Bally’s acquisition of Star described as risky with likely need for further capital investment

Tue 8 Apr 2025 at 06:18
Macau GGR hits new post-pandemic high of MOP$20.8 billion in October

Macquarie: Arrest of Macau casino hosts could impact Macau mass and premium mass markets in coming months

Tue 8 Apr 2025 at 06:12
Load More
Tags: Adam RytenskildAustraliaGaminghorse racingprofitrevenuesports bettingTabcorpwagering
Share2Share
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – The real reason Philippines casino revenues are down

Editorial – The real reason Philippines casino revenues are down

by Ben Blaschke
Sun 30 Mar 2025 at 23:04

After enjoying a post-COVID surge in gaming revenues at its licensed casinos, the Philippines has hit a rocky patch. In...

Inside Thai IRs

Inside Thai IRs

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:59

No time to read this whole article? Here are the bullet points! With passage of Thailand’s Entertainment Complex Bill through...

Resorts World Las Vegas – Lighting up the north

Resorts World Las Vegas – Lighting up the north

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:52

Inside Asian Gaming recently visited Genting’s American icon Resorts World Las Vegas to take a closer look at a property...

A baccarat perspective

A baccarat perspective

by Ryan Hong-Wai Ho
Sun 30 Mar 2025 at 22:37

In the first of a two-part series, Ryan Ho explores how gaming innovations and market changes have shaped the prominence...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

by Newsdesk
Wed 9 Apr 2025 at 06:16

Star Entertainment Group confirmed Monday it had entered into a binding term sheet with US casino operator Bally’s Corp to take control of the company as part of a US$300 million (US$180 million) deal. The term sheet, comprising a multi-tranche...

China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

by Ben Blaschke
Wed 9 Apr 2025 at 05:59

A New York court has dismissed an appeal by China Construction America, Inc (CCA) against a Supreme Court ruling in October requiring it to pay US$1.6 billion to the original owner of Bahamas casino resort Baha Mar for committing “many acts...

Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

by Ben Blaschke
Wed 9 Apr 2025 at 05:40

Star Entertainment Group’s largest individual shareholder Investment Holdings Pty Ltd has entered into a binding term sheet with US casino operator Bally’s Corp that will see it subscribe for AU$100 million (US$60 million) in convertible bonds, reducing in the process...

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

by Newsdesk
Wed 9 Apr 2025 at 05:35

Genting Group’s US flagship Resorts World Las Vegas (RWLV) has announced the appointment of casino industry veteran Greg Shulman as Executive Vice President of International Marketing. Continuing the property’s recent management overhaul, RWLV said Shulman will lead its international casino...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English