Tabcorp Holdings, the Australian lottery and betting operator, has announced its financial results for the whole 2023 fiscal year and the numbers show a slight rise in revenue for the company.
The company recorded revenue of 2.43 billion Australian dollars in the 2023 fiscal year, slightly higher than the 2.37 billion Australian dollars that it managed to generate during the previous fiscal year.
However, the company noted that the positive results came despite having operated in a “distorted” market in Australia. Tabcorp underlined that its competitors have “increased generosity and market spend” but despite that the company has been able to increase its overall market share.
Moreover, Tabcorp announced that it has a new record number of active digital TAB customers, 805,000 for the whole year. This is good news for the company as its strategy is to achieve 30 percent digital revenue market share by the end of the 2025 financial year.
Most of the company’s revenue came from its wagering and media division, which generated 2.23 billion dollars in revenue, a figure which represents an increase of 2.2 percent compared to last year. It is well known that Tabcorp demerged its lottery business last year, with the wagering and media division remaining under the old brand.
Wagering revenue went up by 1.9 percent to 1.76 billion dollars, but digital revenue registered a drop of 12.2 percent to 942.7 million dollars as the digital wagering market declined overall. That was compensated by revenue from cash wagering, which increased by 25.1 percent to 818.4 million dollars.