Tabcorp has released its FY2022 report which states that the company’s continuing revenue reached AU$2.37 billion ($1.64 billion), which is a 4.3% decline compared to FY2021. According to the report, the results were heavily impacted by COVID-19, which caused the retail properties of the company in New South Wales and Victoria to close in the first half of the financial year.
Group EBITDA From Continuing Operations Decreased in FY2022
The closure of the NSW and Victoria properties led to a record number of race cancellations. Meanwhile, the company’s EBITDA reached AU$381.6 million ($263.3 million), which is a significant decrease from last year’s AU$487.2 million ($336.2 million).
Given the challenging market conditions, Tabcorp reported that the retail wagering turnover decreased by 22.9%. However, the digital turnover of the company increased by 2.5%. The number of active digital customers was stable and reached 783,000.
Media and international revenues reached AU$454.4 million ($313.3 million) which is a 33.2% increase. The report also noted that in FY2022, Tabcorp continued with its support of positive industry change.
One of those changes was the proposed reforms in Queensland, which were announced in June 2022. When these changes are implemented, Tabcorp’s wagering taxes will increase and will be in line with its competitors. Due to the continued pursuit of growth, Tabcorp’s shares rose by 5%.
Finally, the report also shared some insights into Tabcorp’s goals heading into FY2023. It stated that Tabcorp’s focus is to transform the wagering and media businesses and thus, make them “more competitive and profitable.”
This includes the launch of the TAB App, new product releases, as well as improved customer experience and efficiency in marketing. Tabcorp started the new fiscal year strong as it partnered with the MLB in Australia.
Tabcorp’s Sky Racing Business is Growing at a Fast Rate
As of June 30, 2022, Tabcorp’s Sky Racing business was distributed to 4,875 agencies and licensed venues around the world. Its races are broadcasted to millions of people from Australia and around the world.
Recently, Sky Racing secured the broadcasting and distributing rights to greyhound races in Victoria for the next 4 years. Thanks to the partnership, the air time on greyhound races will increase on Sky Racing, new initiatives, which will make it easier to access greyhound races across digital platforms, will be taken, and there will be an increase in the showcase content of these races.
Adam Brownlee, Tabcorb’s general manager of Sky operations, commented on the development. He stated that the partnership with GRV and Sky will strengthen the relationship between the two parties. Brownlee labeled the partnership as “a win for punters, industry participants, and our almost two million viewers.”
He ended by saying that the partnership will provide new opportunities and will result in expanded access for fans and punters.