Tabcorp Q3 digital turnover rises 15.2%
Online growth helps offset a 2.4% decline in turnover from the Australian operator's retail business
Tabcorp recorded a 15.2% year-on-year rise in digital turnover during Q3 but suffered a slight dip in retail performance, according to the company’s final quarterly revenue update.
The Melbourne-based operator yesterday revealed total digital turnover hit AU$938.3mn (?484.4m) during the three months ended 31 March 2016 and announced it would now cease reporting on a quarterly basis.
The double-digit growth in digital turnover offset a 2.4% year-on-year fall in turnover from Tabcorp’s retail business, helping the operator to record a 3.1% increase in group turnover.
Total revenues increased 1.9% year-on-year to $518m (?268m), driven by a strong performance from its wagering and media business ahead of the imminent launch of its UK-facing Sun Bets sportsbook.
“Tabcorp continued to drive revenue growth in the third quarter, with pleasing levels of customer engagement across the group,” Tabcorp CEO, David Attenborough, said.
“Wagering turnover grew more than 3%, although the revenue performance was impacted by favourable results for customers,” Attenborough added.
Tabcorp’s financial results follow the Australian government’s announcement last week of plans to maintain the country’s ban on online in-play wagering and introduce legislation to close existing loopholes.
The legislative plans also include a range of new measures designed to crackdown on offshore operators and increase consumer protection, including a national self-exclusion register and a ban on online operators offering lines of credit.
“The government has addressed a number of areas to provide better protection for consumers and the community and to start creating a more level playing field for wagering operators in Australia,” Attenborough commented.