Tabcorp back to profit in FY2021 on lotteries, wagering increases

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Australian racing and wagering giant Tabcorp has returned to profit in the 12 months to 30 June 2021, driven by record results in its Lotteries & Keno business and improved performance in Wagering & Media.

Coming off a FY2020 loss of AU$870 million, Tabcorp recorded a AU$269 million profit in 2021 with group-wide revenue up 8.8% to AU$5.69 billion and EBITDA up 11.3% to AU$1.11 billion.

According to its financial statements, published early Wednesday, Lotteries & Keno revenues grew 9.9% to AU$3.21 billion, including a 27% increase in lotteries digital turnover. Digital accounted for 32.8% of total lotteries turnover in the year, Tabcorp said.

Wagering & Media revenues, which incorporate Tabcorps horse racing media businesses, rose 10.3% to AU$2.30 billion including a 16.8% increase in turnover and 27% rise in digital wagering turnover.

Gaming Services was the only segment to suffer a year-on-year decline with revenues down 17.2% to AU$183 million. The business was heavily impacted throughout the year by lockdowns and the implementation of capacity caps in licensed venues, particularly in the state of Victoria.

In the face of substantial challenges from the COVID-19 pandemic, our businesses delivered a strong operational performance and double-digit earnings growth, said Tabcorp Managing Director and CEO David Attenborough.

Our teams and business partners worked collaboratively to manage the evolving restrictions and our omni- channel business model ensured our customers could continue to enjoy their gambling entertainment experiences.

Tabcorp has announced a final dividend of 7.0 cents per share for FY21.