Online betting good for tabcorp in fiscal third quarter

The Australian land and online betting group Tabcorp posted its fiscal Q3-2014 results Wednesday showing group revenue up 2.5 percent, mainly thanks to strong performances in fixed odds and online betting.

Group revenue between January and March totalled A$492.3 million, whilst the year-to-date figure is now up by 1.5 percent to $1.54 billion.

Revenue from wagering – Tabcorp’s biggest business – rose 2.7 percent to A$377.2 million for the quarter.

“Tabcorp’s third quarter wagering revenue growth, despite heightened competition, was driven by the fundamental strength of Tabcorp’s multi-channel, multi-product strategy,” the company said.

Digital turnover grew by 20 percent relative to the first half.

Fixed odds revenue jumped by 21.4 per cent as the number of markets on offer expanded, and offset a fall in totalisator revenue which was down 5.1 percent in NSW and down 9.1 percent in Victoria.

Tabcorp’s media and international arm, which broadcasts thoroughbred, harness and greyhound races and other sports to countries overseas, TAB outlets, hotels, clubs and pay TV subscribers, lifted its revenues by 4.2 percent to A$54.3 million.

The gaming services business, which helps gambling venues with the supply of gaming machines, loyalty programs, venue design and responsible gambling management, lifted revenue by 0.4 percent to A$24.2 million.

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