Tabcorp revenue up despite sports loss in first quarter

Australian operator Tabcorp has revealed a year-on-year increase in group revenue during the first quarter of the 2016 financial year, despite a drop in sports revenue.

Group revenue totalled Aus$543.5 million (€351.8 million/US$386.8 million), up 1.1% on the amount posted in the corresponding period last year.

Tabcorp’s wagering and media business continues to lead the way in terms of revenue, with the $461.3 million collected in the first quarter up 0.7% on the previous year.

This comes despite the Tab Sports operation suffering a 21% drop in revenue, although this was offset by an increase in revenue generated by the firm’s Total Tab Racing arm, up 4.7% to $415.3 million.

Revenue from Tabcorp’s gaming and services division was up 5.2% year-on-year to $26.4 million while the company’s keno arm also experienced a 2.8% jump in revenue to $55.8 million.

“Total wagering turnover was $3.1 billion, up 3.2% on the corresponding period, which included the 2014 Fifa World Cup,” Tabcorp said.

“Wagering revenue growth was also impacted by a strong sports yield performance in the prior corresponding period.

“Media subscription revenues were lower as a result of savings passed on to venues in respect of Victorian thoroughbred racing vision.”

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