TabCorp has had a rough time lately, due to its ongoing legal battle with the Victorian government – but things seem to be looking up. The company has seen a huge boost in profits over the 2013-14 financial year, thanks to increased activity in the online gambling market. Through the year to June 2014, TapCorp saw its net profits rise by 2.6%. Over the course of the year, the company brought in $129.9 million.
The factor that seems to have contributed most to this significant increase was digital betting, which increased by 18% over the past year. Mobile betting contributed to 54% of this activity, a huge rise from 2012-13 when it made up just 35%. “Our success in digital is no accident,” chief executive David Attenborough said. “Mobile continues to be the key driver of digital growth.”
The 2014 World Cup has also had a significant impact on the company’s profits. During this time, 70% of TabCorp’s sales were generated from mobile betting. This is likely due to punters watching the matches at pubs, friends’ houses and other places where they do not have access to their home computers.
One of the downfalls of the previous year was he Health Levy Benefit, which TabCorp was required to pay by the Victorian government. Despite the company losing its license 18 days into the year, the state still required TabCorp to pay the full annual levy. This has resulted in a lengthy legal battle, and TabCorp continues to fight against the charge.
TabCorp continues to look to the future and aims to build it digital betting business even further. It is certainly the future of the industry, as more and more punters begin using their mobile phones to bet on sports events and races.
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