Mobile investment sees Tabcorp digital revenues soar
"Major change agenda" heralded by Tabcorp CEO David Attenborough as mobile now half of online revenues for the Australian operator
Tabcorp CEO David Attenborough has praised the company’s “major change agenda” after investment in its mobile channel helped boost its digital turnover to AUS$1.44bn during the second half of 2013.
Digital turnover for the Australian operator in the six-month period to 31 December 2013 grew by 15.6% with mobile now contributing more than half (51%) of its total online revenues.
Fixed-odds revenues increased by 24.3% during the period to $243.2m, however totalizator income dropped to $680.3m, down 5.1% year-on-year. The growth was largely attributable to racing revenues, which grew 38% year-on-year with sports betting up 5%.
The positive results followed on from a successful Q1 which saw online wagering turnover grow by 14.3% and helped offset a “relatively soft” retail performance, with Victoria and New South Wales revenues down by 7.1% and 2.5% respectively.
“Having successfully executed a major change agenda in recent years, we are focused on increasing returns and driving productivity improvement across the group,” Attenborough said.
“Tabcorp’s diversified business model and focus on growth areas such as digital wagering, fixed odds and our Gaming Services business TGS helped to deliver a positive first half result,” he added.
Attenborough also highlighted the potential for further investment in new channels and products, particularly in the run up to this summer’s FIFA World Cup and New South Wales’ new horse racing carnival The Championships.