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."

About the author

Kingston Li // Asia Correspondent
Kingston Li
Kingston is a big fan of Baccarat and Texas Hold'em Poker and has tested his skills in tournaments around Asia and the world. He covers the latest gambling news from Asia for Casino Listings. In his spare time, Kingston enjoys hiking, video gaming, and playing disc golf.

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