Tabcorp Releases Third Quarter 2013 Fiscal Results

Australian betting firm Tabcorp has released its third quarter 2013 financial results this week, noting increases in revenues and betting turnover.

Key financial indicators for the period ending March 31st, 2013 were:

• Group revenues of A$480.3 million for the quarter, up 2.6% from the same period last year.

• For the first three quarters, revenues have amounted to A$1.515 billion, down 2.2% from the year before.

• Turnover was up 13.4% for the quarter, with the growth being credited to Tabcorp's move towards online betting.

• Wagering revenues were up 7.2% for the quarter, but revenues from wagering operations were down A$368.6 million, a 4.7% drop.

Operational highlights for the quarter were:

• During the third quarter the firm announced that it had signed a deal with the government of Queensland which will see the operator providing Keno services until 2047.

• Tabcorp's new Gaming Services division had an improved performance, with the Fixed Odds and Luxbet both reported growths in revenues.

The positive numbers are important for Tabcorp as the firm experienced a 61.5% drop in net profits for the first six months of the fiscal year.