Lockdowns, competition hit Tabcorp’s bottom line

HEAVY competition for betting customers and the closure of retail venues during lockdown has hit Tabcorp’s wagering division.

In an update coinciding with its virtual annual general meeting, Tabcorp said group revenue for the three months to September 30 was down 7.3 per cent compared with the same period last year.

Tabcorp chief executive David Attenborough (pictured) said Covid-19 restrictions “had a significant impact in the quarter” as did the competition among betting companies to win new customers during the spring racing carnival and football finals.

Revenue in Tabcorp’s wagering and media division was down 17.2 per cent, though lotteries revenue was up 1.4 per cent in the quarter.

Tabcorp remains on track to demerge its lotteries division by June 2022.

Tabcorp shares fell 2.7 per cent to $5.09.