Tabcorp Reports Increase in Revenue after Lotteries Demerger

Ben H / 1 September 2023

Anyone wondering how well Tabcorp was doing after the lotteries demerger has just got their answer. The wagering and racing giant released a report showing the firm recorded a 2.4% increase in revenue and had earnings in the region of $2.43 billion for the 2023 fiscal year.

Most of the revenue came from Tabcorp’s Wagering and Media division which contributed $2.23 billion to the company’s bottom line, representing a year-on-year increase of 2.2%.

Other figures from the report followed the same upward trajectory. EBITDA was 8.4% up compared to the previous 12 months and reached $391 million, while net profit after tax was $66.5 million.

Tabcorp also saw a 3% increase in the number of customers with active betting accounts and boasted of currently having 805,000 active customers.

Tabcorp’s Transformation Strategy is Right on Track

Tabcorp Managing Director and Chief Executive Officer Adam Rytenskild highlighted that the figures Tabcorp released illustrated just how successful the TAB25 transformation strategy was.

Rytensklid said that the foundation for Tabcorp’s growth had already been created with the betting operator rolling out “the right products, policy settings and attracting the people needed.”

The Tabcorp chief pointed to the increase in revenue, earnings, and active bettors, as key indicators of the company’s success in achieving the “TAB25 ambitions,” adding Tabcorp was outperforming the market when it came to revenue and EBITDA in the 2023 fiscal year.

Rytenskild was pleased that Tabcorp could weather the storm of an “aggressive new operator” entering the market and the “increased generosity” of industry rivals.

Tabcorp Holdings Ltd (ASX: TAH) recently announced to the market that it will pay a 1.0 per share dividend to all shareholders on 18 September 2023.

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Ben H
Ben Harris is the Communications Manager for KRUZEY, an AFL expert, and writer. He has one daughter that he loves dearly and four children's books... [Read full bio]

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