Sun Bets “still under review” after slow Q1
Tabcorp joint sportsbook venture reports Q1 2018 revenues of just £0.64m
Sun Bets faces an uncertain future despite rising revenues, according to the latest trading update from parent company Tabcorp.
Revenue from Sun Bets rose 5.3% to A$1.1m (£0.64m) for 1Q18, according to figures released by the wagering giant.
Despite the slight uptick, Tabcorp said the joint-News UK venture remains under review after performing below the group’s expectations.
“Sun Bets trading remained challenged in 1Q18,” said Tabcorp in a statement.
“While yet to gain traction, a number of new product and customer initiatives are set to be introduced including improved integration of Dream Team, enhancements to the sportsbook and casino offerings and implementation of revised marketing and CRM strategies.”
Tabcorp also revealed a 4.5% rise in turnover to $3.03bn (£1.75bn) for the TAB, primarily driven by 17% growth in its digital channels.
However, retail turnover dropped 1.1% on the prior corresponding period to $1.55bn (£0.9m).