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Internet Betting Props Up Tabcorp Financials

Australian betting corporation Tabcorp Holdings has announced its latest financial results for the quarter ending September 30th, 2013, noting that online performance helped prop up weak retail results.

Key financial indicators for the quarter ending September 30th, 2013 were:

  • Quarterly revenue of AUD$503.9 million, up 3.1 per cent (Q1/2012: AUD$488.9 million)over the same period last year.

  • Expanded racing and sporting event portfolio contributed towards a 30% increase in fixed-odds revenue.

  • TAB Outlet wagering revenue amounted to AUD$385 million, up 5.4%.

  • Digital waqgering turnover amounted to AUD$656.1 million, up 14%.

  • Revenue from the company's online gambling operation Luxbet grew 37%

Commenting on his company's performance, Tabcorp CEO David Attenborough said, ''The first-quarter revenue growth demonstrates the resilience of Tabcorp's business in tough external trading conditions.''

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