Despite the New Zealand sports betting monopoly seeing a decline in customer footfall, primarily due to the peak of Covid-19 in the region leading to restrictions for outdoor events, racing and sports wagering recovered after a below-average February.
Final turnover for March, subject to final audit, totalled NZ$215.9m, which was 2.2% ahead of budget. Gross betting revenue (GBR) also came in ahead of the forecast by NZ$0.9m or 2.6%.
As the company’s financial report stated: “Tab continued to operate successfully through its online and retail channels throughout March, despite some impact to retail operations due to the current Omicron outbreak.
“The outbreak had a continued impact on foot traffic in the retail and hospitality sector, leading to a downturn in gaming turnover at Tab retail outlets, although these figures showed signs of improvements towards the end of March.
“The peak of the Omicron outbreak in late March and the effect on foot traffic in retail and on-course was mitigated by the loosening of gathering restrictions for outdoor events, allowing race clubs to increase crowd capacities.”
Reported profit for the year-to-date was $109m, which was broadly in line with budget although $7.6m down year-on-year.
Tab also reported the races and sporting events with the highest turnover during March.
For racing, the Vodafone NZ Derby attracted NZ$0.8m worth of wagers, with Barfoot & Thompson Auckland Cup and Al Basti Equiworld Dubai New Zealand Oaks attracting NZ$0.7m and NZ$0.6m, respectively.
On the sporting front, rugby league accounted for the three most-wagered events, with just over NZ$1m worth of bets placed.
