Tabcorp online revenues rise by 20%
Former Australian monopoly sees online turnover grow 20% in Q3 2014
Australian operator Tabcorp said increased investment in its online wagering business led to 20% year-on-year growth in digital turnover for Q3 2014.
The former monopoly saw total digital turnover grow to AU$897.9m (£495m), up from $748.2m (£412m) in the same period last year, while revenues from its Northern Territory online bookmaking business Luxbet increased 18.6% to $181.9m (£100m).
“Tabcorp continues to be at the forefront of digital wagering and has invested in its capability, strengthening the company’s speed to market in the fast-evolving Digital environment,” the company said in a statement.
Wagering revenue grew 2.7% in the quarter $377.2m (£208m), mirrored by a similar increase in total group revenues of 2.5% year-on year to $492.3m (£271m).
“Tabcorp’s third quarter revenue performance delivered a stronger rate of growth than the first half, supported by good growth from our wagering and media international businesses,” David Attenborough, managing director and chief executive officer, said.
The company’s fixed odds business was also a key wagering growth driver after expansion into new markets spurred a 21.4% year-on-year increase in revenues which offset a 5.1% and 9.1% fall in totalisator revenues in New South Wales and Victoria respectively.
Media and international revenues increased 4.2% year-on-year to $54.3m (£30m).