Tabcorp H1 digital turnover climbs 9%
Operator's digital business continues to perform strongly ahead of roll-out of Sun Bets product before Euro 2016
Tabcorp today announced a 9% year-on-year rise in H1 2016 digital turnover as the Australian operator prepares to launch its Sun Bets sportsbook product within the next five months.
The Melbourne-based wagering firm’s total digital turnover hit AU$1.9bn (?940m) during the six-month period ended 31 December, with mobile accounting for 65% of the figure.
However, group profit including its retail business fell 33% year-on-year to $81.9m following a number of significant one-off costs including defending alleged breaches of anti-money laundering and counter-terrorism financing laws. Excluding one-off items profits increased 7%.
Total revenues business increased 1.8% year-on-year to $1.1bn (?540m), driven by a strong performance from its wagering and media business which launched a number of new products during H1 2016.
“Our wagering and media business reported increased revenues from racing, which remains the core of our business??¦ despite increased competition,” Tabcorp’s managing director and CEO, David Attenborough, said.
“We have continued to invest in growth initiatives by delivering new products, such as partial cash out, channel enhancements and the expansion of international vision and pooling,” he continued.
The operator also announced today it planned to launch its UK-facing Sun Bets product within the next five months ahead of the 2016 UEFA European Championship which kicks off on 10 June.
“This is an exciting opportunity for Tabcorp to take its market-leading wagering capabilities into the $7bn ($3.5bn) UK online gambling market,” Attenborough added.
In December it was revealed the bookmaker had signed a ten-year deal with Rupert Murdoch-owned News UK, which will see the operator power a sportsbook for the media company’s flagship newspaper The Sun.