Tabcorp Sees First Quarter Revenue Decline

Australian betting firm Tabcorp has posted their first quarter financial results for the year, noting that revenues dropped 5.7% compared to the same period last year.

The company's lottery and keno business saw revenues slip 6.9% from last year, but did note that jackpot game sales were up between 15-30% for the quarter. Gaming services revenues cratered 55.2% due to the closure of betting venues across the country due to Covid. The wagering account revenue for the company was also down 47%.

Tabcorp also did announce that they were selling their Jumbo Interactive lottery stake for $97.8 million AUD, representing their 11.6% share of the company.

The group's CEO David Attenborough announced that he's resigning from his position at the company, and he commented on his time with Tabcorp saying: "It has been a privilege to be the CEO of such an extraordinary Australian company and I remain committed to ensuring a smooth transition to the next CEO in 2021.

"I am proud to leave behind a company that has been substantially transformed into a diversified, resilient, purpose-led organization. We have done a lot of work to integrate leading inclusion and diversity practices into our operations, to ensure diversity of thought and drive commercial success."