Tabcorp seeks younger generations out with Dabble Sports

Tabcorp Holdings Limited, trading as Tabcorp, posted some exciting news on Monday in a filing to the Australian Stock Exchange (ASX), confirming that it’s going to make a strategic investment in Dabble Sports Pty Ltd, trading as Dabble. The focus of investment operates as a digital wagering platform that puts a strong focus on social gaming and experiences.

The platform was founded in 2020 and has been one of the fastest-growing solutions on the betting market in Australia. It has so far amassed 150,000 customers and has reached AU$47m($30.33m). According to the filing, Dabble Sports consists of a "younger audience" which accounts for about 80% of the existing player base on the platform, making it a strong choice for consumers.

Tabcorp, which is keen to secure an ever-bigger presence in its home market, is responding positively to the opportunity to grow with new generations of sports bettors. The company is putting down AU$33m ($20.85m) on its investment, which will amount to a stake of about 20%. As a result, Tabcorp will also be able to appoint a director on the Dabble Sports Board of Directors.

Before this investment can clear through, however, it will be subject to the customary regulatory approvals, the statement confirms, which includes clearance from the Northern Territory Racing Commission. Tabcorp is happy to wait as it would enable it to have exposure to Dabble’s innovative betting technology which will in turn help TAB strengthen its own offer against other competitors in the market.

Australia is growing in terms of sports betting potential with local and overseas companies still showing strong interest and looking to expand and increase their standing in the market by bringing the best-added value to consumers. Marketing spending is mostly focused on creating new and better products, as Australia prohibits the use of bonuses and promotions for the sake of inducing non-registered players to gamble.

Once registered, players may opt into promotional offers only if they want to. Commenting on this investment, Tabcorp ManagingDirector and CEOAdam Rytenskild said that the company was focused on transforming its operations. "Dabble is one of the most unique and innovative wagering brands and our investment today fits perfectly with our transformation agenda," Rytenskild said.

Dabble’s CEO, Tom Rundle, also welcomed the opportunity to hone closer to a company that has become synonymous with sports wagering in Australia, he said, referring to Tabcorp. Tabcorp posted strong financial results in August and remains committed to improving its overall offer.

Image credit: Unsplash.com