Tabcorp seeks to grow online as it publishes H1 results

Tabcorp Holdings Limited published its half-year results for the period ended on December 31, 2022, on Tuesday, with the company’s CEO and Managing Director, Adam Rytenskild,setting out the company’s immediate goals for the quarter ahead.

The company said that its digital revenue market share accounted for 25.1% of its operations in H1 2023. The segment similarly saw a solid increase in results, with the company reporting AU$493m ($339.41m) in digital wagering revenue from the sector, and a change of 15% from H1 2022. The company similarly said that its cash wagering revenue stood at AU$437.4m ($301.13m), a change of 58.1% according to the company’s official presentation and report.

This though, is not the end, as the company is now determined to increase its presence in the digital market, issuing a challenge to competitors Sportsbet and Ladbrokes. The company’s H1 2023 Group Statutory Net Profitafter Tax or NPAT stood at AU$52m ($35.80m) during the recorded period with a fully franked interim dividend of 1.3 cents per share which will be paid to shareholders on March 21, 2023, provided shareholders had been registered by February 27, 2023.

The company is planning to increase its exposure to digital with Tabcorp intending to increase its revenue market share from 25% to 30%. Rytenskild welcomed the latest development and said that they highlighted the transformation strategy the company had set out on. He noted that TAB also had a "digital revenue market share for the first time since 2019."

This he said was indicative of how successful the TAB App has been in driving online wagering results, but he also noted that the company equally managed to retain its momentum in the retail sector, with new venues opening. Effectively, Tabcorp has been able to consolidate its presence in both the retail and interactive betting markets.

Speaking of digital revenue market share again, Rytenskild appeared confident that his company can easily reach 30% by the financial year 2025, an ambitious but feasible target. Much of this is already on the way, the executive explained, arguing that Tabcorp plans to reinvigorate Sky Racing and include a stronger integration with TAB.

Rytenskild further said that Tabcorp remained committed to its customers and the community and said that this is a top priority for the entire organization.

Tabcorp has long been criticizing how online sports gambling companies operate in the country, urging regulators to both strengthen oversight and also limit their advertisement. Now, the company is looking to bring the fight to online companies directly.

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