On Tuesday, February 21, Tabcorp, a flagship Australian gambling company/ provider of wagering and gaming products and services based in Melbourne, reported $52 million in net profit for the half ended December 31, exceeding consensus expectations by 30 percent.
Reason for higher income:
Profit rose 11 percent to $1.275 billion, while earnings prior to taxes, interest, depreciation and amortization (EBITDA) increased 24 percent to $197 million.
The main reason for the higher revenue was a 58 percent rise in cash betting revenue, as bettors returned to retail outlets after the COVID lockdowns.
Commenting on the reasons for the higher revenue, Adam Rytenskild, Chief Executive Officer of Tabcorp, said: “Our business has rebounded strongly from a COVID-impacted first half last year to experience strong growth in group revenue and EBITDA.
“The COVID lockdowns presented an opportunity for digital-only operators, but our retail customers have quickly returned and our digital transformation is amplifying that opportunity.”
The company announced a temporary dividend of 1.3 cents per share, fully franked.
However, the company’s stock price rose 3 percent to $1.03 just before midday AEDT.
Increasing its online gambling presence:
Throughout the past half-year, the company introduced its latest TAB application for digital games. The main reason for this is its aim to increase its online gambling presence.
Digital betting as the main focus:
The company’s increased focus on digital betting comes after official separation of its lottery and keno businesses in 2021.
Tabcorp’s digital market share was at 25.1 percent for the half, regardless of the entry of Betr, supported by News Corp and its “highly distortionary promotional offers.”
In this regard, Rytenskild has publicly announced “a target of 30 per cent digital revenue market share by financial year 2025, as part of the company’s push to see off new entrants in the market.”
He also said: “The demerger has been seamless and the separation from the Lottery Corporation remains on track.”
However, the company will try to reduce operating expenses by $20m to $60m over the next three years.
Customers come first:
Regardless of the growing amount of gambling-related losses pouring into Tabcorp’s coffers, Rytenskild tried to show his company’s civic attitude.
In this regard, he said: “Caring for our customers and the community are even more important to us as an organisation as we execute our transformation.
“We work in an industry where there are high expectations for compliance and to be responsible. We meet those expectations with transparency and with a genuine aim to do the right thing.”
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