Tabcorp profits down, mobile revenue up

 

Tabcorp reported a net profit of USD $75.3 million for the first six months of the 2012/13 financial year, down 61.5 percent from the corresponding period a year ago, a result skewed by the loss of the lucrative right to operate poker machines. Tabcorp and rival Tatts Group lost their duopoly to operate poker machines in Victoria – outside of those operated by Crown in Melbourne’s Crown casino – in August 2012. New revenue-sharing arrangements under Tabcorp’s wagering and betting license in Victoria also skewed the result. Tabcorp’s revenues from its continuing operations for the six months to December 31 rose 2.1 percent to $1.06 billion. Revenues and market share from gambling on digital platforms continued to increase with digital turnover in the first half growing 15.9 percent to $1.28 billion, encompassing sales via the tab.com.au website and the company’s wagering apps for smartphones and tablets. Wagering via mobile devices accounted for 28 percent of Tabcorp’s digital turnover in the first half.