Tabcorp Releases First Half Results

Australian betting giant Tabcorp has released its first half financial results, noting an increase in post-tax profits and revenues.

Key financial indicators for the first half were:

  • Net profit after tax for the first half was A$74.6 million, up 2.3 percent on the prior period.

  • Revenues were up 1 percent to A$1,045.1 million.

  • EBITDA came in at A$243.8 million, up 5.4 percent.

Commenting on Tabcorp's performance, Tabcorp Chairperson Paula Dwyer said, "During the period, Tabcorp also finalized the extension of our Queensland Keno license and retail wagering exclusivity in NSW. These extensions have secured and strengthened Tabcorp's portfolio of long-dated licenses."

Dwyer went on to talk about the country's betting regulations and Tabcorp's support for it by saying:

"The current state-based framework has three key areas where conditions for corporate bookmakers licensed in the Northern Territory are less rigorous than for those operating state-based licenses, such as Tabcorp, Dwyer said, detailing the variations as:

  • The provision of credit by bookmakers, which is either prohibited or severely restricted in all Australian jurisdictions except the Northern Territory.

  • The unequal levels of wagering taxation, which are materially lower for wagering operators licensed in the Northern Territory, compared to operators licensed in other states.

  • The offering of enhanced tote odds products by Northern Territory-licensed corporate bookmakers, who are able to offer these products because of the low level of racing product fees and taxes they pay."

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