Australian racing and wagering firm Tabcorp has provided an update on its performance for the first three months of the FY23 financial year to 30 September 2022, with group-wide revenue up 18.7% over the same period last year.
Although the prior year period was impacted by COVID-19, Tabcorp pointed to a range of improvements made across the board in recent months since demerging from its lottery business in June.
As a result, revenue in the wagering and media segment was up 14.2% year-on-year in 1Q23 with digital revenue market share improving from 23.9% in the June quarter to 24.7%.
Gaming Services revenue was up 91.7% year-on-year although Tabcorp again noted that the prior year period was heavily impacted by venue closures and fee relief provided to venues.
Particularly pleasing, according to Tabcorp’s Managing Director and CEO, Adam Rytenskild, is the fact that most of those improved results were recorded before the release of the company’s new betting app which allows customers to place bets nine seconds faster than on the old app.
“Our customers love it – we know that because the figures tell us that,” Rytenskild said.
“Compared to the six-week period prior to launch, there’s been a 16% increase in active weekly customers, a 7% increase in the average bet and a 33% increase in reactivations.”
TAB Everest Day, which is highlighted by Australia’s richest horse race The Everest, was TAB’s highest turnover day on a NSW meeting in history, he added.
“We’re making strong inroads on structural reforms that will allow us to compete on a level playing field with our competitors and our gaming services business has secured early wins as it pivots to an integrity services model,” Rytenskild said of the new-look company.
“As you can see, we are moving at pace to transform the company. We want to change quickly and we are.”