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FinancialIndustry

Tabcorp annual revenue up 71% despite a number of setbacks

Tabcorp Holdings has recorded a year-on-year revenue increase of 71% to AU$3.8bn ($2.8bn) for the year ended 30 June 2018.

Tabcorp2

EBITDA saw a huge rise of 70% up to $529m, with NPAT up $28.7m compared to the losses reported in 2017 of $20.8m.

Profits were affected by the combination with Tatts Group, the closure of Sun Bets and LuxBet which all reportedly cost Tabcorp around $217m. The termination of Sun Bets cost the operator $90m alone.

The World Cup had a positive effect on takings towards the back end of the year, as TAB and UBET saw its active customer numbers rise to almost 720,000 combined.

Tabcorp’s earnings were bolstered drastically in lotteries and keno, taking revenue of $1.3bn compared to $212m in 2017, and EBITDA rose from $72m to $256m. This is partially down to the launching of Keno Mega Millions in March and Power game change in April.

This news coincides with the announcement of the departure of Director Elmer Funke Kupper in October. Federal Police are investigating Kupper for allegedly sanctioning payments to family members of Cambodian Prime Minister Hun Sen, on the proviso of gaining a gambling licence.

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