Quiet quarter for Aussie gambling group

Australian gambling group Tabcorp has reported on its relatively quiet Q3-2016, posting group revenue of A$518.4 million, a year-on-year rise just short of 2 percent despite wagering turnover growing by 3 percent.

The disparity between the two metrics was caused by player-favourable horse racing results, chief executive officer David Attenborough explained.

The quarterly results bring group revenue for the first nine months of the fiscal year to A$1.65 billion – a 1.9 percent rise over the comparative period in 2015.

“Tabcorp continued to drive revenue growth in the third quarter, with pleasing levels of customer engagement across the group,” Attenborough said in a statement to the stock exchange.

“Wagering turnover grew more than 3 percent, although the revenue performance was impacted by favourable results for customers.”

Total Wagering turnover was A$3,067.2 million, up 3.1 percent, with Retail turnover declining 2.4 percent to A$1,552.7 million, but the company’s Digital channel surging back to double digit growth, with turnover of A$938.3 million, up 15.2 percent.

Tabcorp took the opportunity to advise the market that “…in an effort to encourage a longer-term view of the company’s performance, Tabcorp will no longer report quarterly revenue updates.” The company announced that it will continue reporting on a half-year and full-year basis, with the next set of financial results the 2016 full-year results to be announced to the market on 4 August 2016.

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