Tabcorp makes up online for softness
Betting company Tabcorp has lifted its revenue for the three months to September on the back of strong growth in fixed-odds and online gambling.
The company reported quarterly revenue of $503.9 million, up 3.1 per cent from the same period last year.
Fixed-odds revenue grew almost 30 per cent due to a larger number of gaming products offered on racing and sporting events, the company said. Tabcorp's total wagering revenue remained virtually unchanged, however, at $385 million, due to the company's reduced stake in the Victorian racing industry from 75 per cent to 50 per cent.
Chief executive David Attenborough said the result, on the eve of the Victorian spring racing carnival, was strong given soft conditions throughout the period.
"The first-quarter revenue growth demonstrates the resilience of Tabcorp's business in tough external trading conditions," he said.
Revenue from the company's online sports, racing and novelty gambling website Luxbet grew 37 per cent from 2012. The company said this was due to an influx of customers to the site over the past financial year.
Its retail turnover, however, had fallen in NSW and Victoria due to "soft trading conditions in the licensed venue environment".
Tabcorp books about a quarter of its annual revenue over the six weeks during the spring racing carnival.