MANAGING DIRECTOR AND CEO
Tabcorp
POWER SCORE: 1,105
POSITION LAST YEAR: 25
CLAIMS TO FAME
• 28 years of industry experience in England, South Africa and Australia
• Heads Australia’s biggest racing and wagering company
Australian wagering and betting giant Tabcorp completed a monstrous AU$11 billion merger with fellow industry kingpin Tatts Group in early 2018, but the 18 months since have left little time for reflection given the intense competition in Australia’s betting space.
No doubt Tabcorp boss David Attenborough will have taken a keen interest in the recent revelation that Ireland’s Flutter Entertainment is set to merge with Canada’s The Stars Group in a US$6 billion deal. Flutter, which owns Sportsbet, and Stars, which owns BetEasy, said it will keep the two popular Australian betting brands separate but has outlined plans to utilize their combined resources to challenge Tabcorp’s standing as dominant market leader. How that plays out remains to be seen.
Notably, Attenborough had earlier this year flagged improving operating conditions due to the impact of a new point of consumption tax levied against licensed sports books in most Australian states, which had limited their ability to offer aggressive promotions.
In the meantime, Tabcorp reported an 8.7% increase in revenues for the year ended 30 June 2019 to AU$5.48 billion, the growth driven entirely by its Lotteries and Keno business where revenue rose 22.8% to AU$2.86 billion – more than half of group-wide revenue – on a 73.5% increase in digital turnover.
However, both the Wagering and Media and Gaming Services segments suffered declines, prompting some shareholders to call for Tabcorp to spin off the lotteries business in order to maximize its potential. Tabcorp says that won’t happen, promising instead to focus on improvements to its underperforming wagering business.
For the full list of 2019 Asian Gaming Power 50 winners, click here.
