Subject to customary conditions including Northern Territory Racing Commission approval, the investment is for a 20% equity interest on a fully diluted basis in Dabble. Through the deal, Dabble will have the right to appoint a director to its board, with that appointment subject to probity approval.
Tabcorp noted that the investment provides the group with exposure to Dabble’s “innovative product capability and strength in the younger customer segment”, with the companies to “explore opportunities to create win-win innovations and growth” for both groups.
“We are transforming our company, with a clear strategy and united ambition to grow digital market share,” said Tabcorp Managing Director and CEO Adam Rytenskild.
“Dabble is one of the most unique and innovative wagering brands and our investment today fits perfectly with our transformation agenda. Our stake in Dabble will give us exposure to innovative product capability and ultimately to a younger customer base.
“The investment comes with the new TAB App now live, on time, as promised. The launch of the app has had an immediate impact with customers, delivering an 11% increase in weekly active customers compared to the six weeks prior to launch.”
Founded in 2020, Dabble has more than 150,000 customers, reporting June 2022 quarter annualised revenue of AU$47m. A younger audience currently represents over 80% of its customer base.
Dabble CEO Tom Rundle commented: “We’re excited to partner with Tabcorp given their new energy and direction, and look forward to growing Dabble even further together.
“TAB is synonymous with punting in Australia and our brands will complement each other so that Dabble can continue to expand its evolutionary social betting experience to more punters.”