Tabcorp announce increased revenues but missed profits for 9 month period

Australian gambling firm Tabcorp announced its nine month trading update citing increased revenues across all its brands and divisions.

The giant gambling company said that its ‘Wagering & Media’ ‘Gaming Services’ and ‘Keno’ businesses were up 1% in revenues for the period to AUS $1.4 billion.

The biggest rise in revenues was from its sports betting arm with a rise of 3.1%, however Tabcorp failed to reach its own targets for profits as the company said unfavourable sporting results impacted on its bottom line.

“Tabcorp continued to drive revenue growth in the third quarter, with pleasing levels of customer engagement across the group. Wagering turnover grew more than 3%, although the revenue performance was impacted by favourable results for customers,” said Tabcorp Chief Executive David Attenborough.

Noting in its report as the highlight was the companies online betting sector that saw a rise in revenues by 15% in the third quarter.

The full year results are expected to be announced in early August of this year.