Tabcorp Q1 digital turnover soars 13%

Australian operator Tabcorp today reported a 13% rise in Q1 turnover from its online wagering business after the firm completed the transition onto its new web platform.

The Melbourne-based wagering giant recorded total digital turnover of AU$900.3m (£418m) during the three-month period ended 30 September, up from $796.3m (£369.7m) in the corresponding period last year.

Total group revenues including its retail business increased 1.1% year-on-year to $543.5m (£252.4m), driven by a strong performance from its gaming services arm, as well as small growth from its wagering and media business which reported revenues of $461.3m (£214.2m).

At Tabcorp’s AGM earlier today chief executive officer David Attenborough praised the development of the operator’s digital arm and said the company was well prepared for the start of the crucial Melbourne Cup in five days’ time.

“A smooth transition to our new tab.com.au website was one of the highlights [and we] will continue to invest in our digital channels,” Attenborough said.

“We are putting a lot of effort into delivering a successful Melbourne Cup week and showcasing ourselves as one of the world’s premier wagering businesses,” he added.

Earlier this year the operator debuted a range of products including a new HTML5 website and cash-out functionality for the first time in April, a feature which has seen more than 100,000 bets cashed out to date.

Today’s trading update follows yesterday’s news that the Australian Federal Police (AFP) confirmed it would not be investigating complaints into William Hill’s live betting feature.

Tabcorp has long been critical of in-play products offered by William Hill and bet365 and said it had no plans to offer a similar betting service.