Tabcorp plans to take on Australian betting industry rivals by increasing its online presence. The retail wagering giant is competing with the likes of Ladbrokes and Sportsbet but has been encouraged by the $52 million profit it made in six months.
The company launched its upgraded betting app in September and aired advertisements during one of the hottest events in sports, the 2022 FIFA World Cup. It has now announced its intention to attract more customers, targeting bettors with accounts at foreign-owned sportsbooks. The ambitious plan is to increase the online betting market share by 5% in two years, from 25% to 30%.
App Success Provides Launch Pad for 30% Market Share Target
Tabcorp CEO Adam Rytenskild said that the betting operator would transform its “entire wagering ecosystem.”The Tabcorp chief executive also outlined plans to introduce new products for bettors and a new marketing strategy. Injecting new energy into Sky Racing so that it is better integrated with TAB is on the cards for Tabcorp too.
Rytenskild was happy that the success of the new TAB app provided the betting operator with a launch platform to achieve the 30% target. He added that despite News Corp-backed betr entering the Australian betting scene, the TAB app helped them “retain digital market share.”
Talking about Tabcorp’s new competitor, Rytenskiled said he “wasn’t impressed with betr’s 100-to-1 offer on every Melbourne Cup runner”, claiming that it was “highly distortionary.” Tabcorp also criticized the Sportsbet-TikTok partnership, saying that Sportsbet has been given an unfair advantage over other bookmakers as it was allowed to participate in what TikTok called a controlled trial.
A Single National Betting Regulator
Another thing that Tabcorp has been pushing for is a national betting regulator. Most online betting sites in Australia are licensed in the Northern Territory, where the NT Racing Commission is charged with overseeing bookmakers’ operations.
In Rytenskild’s eyes, this wasn’t fair to Tabcorp as the betting operator had licenses in other states too. He said that a single regulator would allow “states and territories to act in harmony.” Moreover, a single betting authority would update wagering regulations everywhere so they are in line “with the modern economy.”
Tabcorp’s cash wagering revenue has increased by 58% after lockdowns when many bettors returned to their old retail betting habits. Total gaming revenue rose to $1.27 billion (an 11% increase).
Those revenue figures must be music to Rytenskild’s ears. However, Tabcorp’s chief executive said the company was not only about profit. He claimed Tabcorp genuinely aimed “to do the right thing” as well as meet compliance and transparency expectations. He added that they respected what regulators were doing and valued their position in the industry, as they created “a safe gambling environment for everyone.”