Tabcorp Returns to Profits in FY2021 on Lotteries, Stakes Rise
Australian racing and betting giant Tabcorp returned to profit in the 12-month period to June 30, 2021, driven by record results from its Lotteries & Keno business and improved performance from Wagering & Media .
After a loss of AU $ 870 million for fiscal 2020, Tabcorp reported a profit of AU $ 269 million in 2021 with group-wide revenue up 8.8% to 5, AU $ 69 billion and EBITDA up 11.3% to AU $ 1.11 billion.
According to its financial statements, released early Wednesday, Lotteries & Keno revenue rose 9.9% to A $ 3.21 billion, including a 27% increase in digital lottery revenue. Digital accounted for 32.8% of total lottery revenue during the year, Tabcorp said.
Betting and media revenue, which includes Tabcorp’s horse racing media business, grew 10.3% to A $ 2.30 billion, including a 16.8% increase in revenue and 27% of digital betting revenue.
Gaming services were the only segment to experience a year-over-year decline with revenue down 17.2% to A $ 183 million. The activity was strongly impacted throughout the year by the blockages and the implementation of capacity caps at the licensed sites, in particular in the State of Victoria.
âFaced with the significant challenges of the COVID-19 pandemic, our business recorded strong operational performance and double-digit profit growth,â said David Attenborough, Managing Director and CEO of Tabcorp.
âOur teams and business partners have worked collaboratively to manage the evolving restrictions and our omnichannel business model has enabled our customers to continue to enjoy their gaming entertainment experiences.â
Tabcorp announced a final dividend of 7.0 cents per share for fiscal 21.