Tabcorp Annual Results Plunge To $870 Million Loss

Australian gambling giant Tabcorp announced their annual results to June 30^th posting a loss of $870 million compared to a profit of $361 million for the previous year.

Tabcorp chief executive David Attenborough said on the annual results: “COVID-19 restrictions meant that hotels, clubs and TAB agencies were closed for significant periods of time,” he went on to say,“We continue to support our venue partners and have waived more than $100 million in fees to date.”

The company actually improved its lotteries and digital channels by having 400,000 new signups to their products during the period, but with the impact of COVID-19 the revenue streams effected the bottom line.

In concluding Mr Attenborough mentioned the current situation: “It remains a challenging time, especially for the Victorian community, which is in the middle of a difficult stage 4 lockdown.”