Tab New Zealand Sees Revenues Rise

This week the New Zealand branch of Tab reported that betting turnover was up 6.6% in September to $191.9 million NZD.

Gross betting revenues were $9.4 million NZD, up $1.5 million over the projected total. Profits for the month were $13.8 million, up $1.6 million from the projected total. This number was also up 58.6% from the month prior.

Operating expenses were lower than expected, coming in at $9.1 million NZD.

The biggest event of the month was the Tarzino Trophy, which generated $635,000 NZD in revenue, while The Sir Rupert Clarke stakes at Caulfield brought in $508,000 NZD.

Revenues for the company have been impacted by the Covid-19 pandemic, with the different lockdown rules impacting where bettors can get their wagers in.

Regarding the pandemic and the financial outlook a Tab NZ said in part, "Notwithstanding these challenges, the TAB and industry is maintaining a much more robust position financially than during last year's nationwide lockdown. However, as the Government response to Covid-19 continues to adapt and evolve, TAB NZ will continue to act with caution when assessing future potential trading conditions and how this will flow on to profit distribution.

"Although betting performance has been relatively strong through the first half of October, continued closure of Auckland retail and gaming in particular present material challenges for the business and will require continued monitoring and further assessment at the appropriate time."

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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