Tabcorp reports 6% decline in revenue for Q3
Australian racing and wagering company Tabcorp Holdings has revealed a 6% decline in revenue for Q3.
Announced by managing director and CEO David Attenborough at the company’s latest AGM, the loss was a direct result of venue closures due to Covid-19.
The decline was largely felt within gaming services, which fell by 55% amid the closure of licensed venues across the country.
Lotteries and keno revenue followed with a decrease of 7%, while wagering and media was down by 3%.
Tabcorp publishes official figures just twice throughout the year, meaning exact figures for the quarter were not provided.
“The duration and severity of COVID-19 is unclear, however Tabcorp remains well placed with our resilient, diversified earnings base and strengthened balance sheet,” noted Attenborough.
Aside from the decline in revenue, Attenborough also revealed that they had secured the migration of UBET account customers onto Tabcorp’s TAB platform.
The migration was completed in the recent quarter as part of the integration of Tabcorp and Tatts, who were subject to an AU$11 billion (US$7.79 billion) merger three years ago.
Earlier this week it was announced that both Attenborough and executive chair Paula Dwyer will formally depart from all Tabcorp leadership duties prior to the company’s 2021 AGM.
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