TabCorp reported improved revenues

The Melbourne-based firm’s TabCorp Gaming Solutions gaming services provider went live on August 16 in response to revised gambling industry structures in the southern state of Victoria and delivered us$ 13.5 million in revenues over the three-month period.

In addition, its discontinued Victorian Tabaret business brought in us$ 134.7 million in revenues over the first quarter for its 2013 financial year although TabCorp stated that a comparison ‘is not meaningful’ as the most recent results cover only July 1 to August 15 when its Victorian licence expired.

TabCorp additionally reported that its wagering results had been impacted by the new terms of its Victorian Wagering and Betting Licence, which commenced from August 16 and saw its share in the joint venture drop from 75 percent to 50 percent.

However, total wagering revenues improved by 4.5 percent year-on-year although this figure dropped by 2.4 percent when compared with the corresponding period twelve months previous to us$ 397.9 million due to TabCorp’s interests in the Victorian racing industry.

Finally, TabCorp declared that revenues from keno rose 17.7 percent year-on-year to us$ 55.7 million due to the game’s launch in Victoria and ‘continued growth’ in New South Wales and Queensland while earnings from its media and international business grew by 6.2 percent when compared with the same period twelve months ago to us$ 51.2 million.

“TabCorp has started its 2013 fiscal year well and the company’s strategies continue to deliver improved revenues,” said David Attenborough, CEO for TabCorp. “Our investments in expansion initiatives such as TabCorp Gaming Solutions and the new Victorian keno business are contributing to company growth.”