Tabcorp Holdings, the well-known Australian lottery and betting operator, has announced that it recorded a healthy revenue increase during the first half of the 2023 fiscal year.
The company reported an increase of 11 percent in group-wide revenue to 1.28 billion Australian dollars during the six months ending at 31 December 2022. The company’s revenue was boosted by the return of retail customers after the novel coronavirus pandemic, along with Tabcorp’s increased focus on digital wagering.
Tabcorp also reported an increase of 24 percent in adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to 197 million Australian dollars. That takes the company’s net profit to 52 million Australian dollars for the first half of the fiscal year.
This is an important moment for the company as it is the first time it publishes financial results since demerging from its lottery business, which is now listed separately on the Australian Securities Exchange as The Lottery Corporation.
The company’s Wagering and Media division, which includes the TAB and SKY Racing brands, recorded a revenue increase of 9 percent to 1.17 billion Australian dollars. The Gaming Services division, which includes EGM monitoring and management, recorded an even more impressive revenue increase of 37 percent to 109 million Australian dollars, while EBITDA more than doubled, amounting to 43 million Australian dollars.