Tabcorp loses during lockdown

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

In an update coinciding with Tabcorp’s virtual annual general meeting on Tuesday morning, the company 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 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.

“There was a significant increase in wagering generosities and advertising in a highly competitive and largely digital market,” Mr Attenborough said.

“The increased generosity spend also had a negative impact on variable contribution margin

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 due to growth in Powerball and Saturday Lotto.