The New Zealand TAB achieved its financial goal for the first time in the current fiscal year, due to strong results in sports wagering and domestic horse racing.
The betting company announced a profit of NZ$14.6 million for the year ending January 31, 2023, surpassing the planned amount by NZ$300,000. This marks the first time the operator has reported a profit exceeding expectations in its six-month trading update for the 2022-23 fiscal year.
Revenue reached NZ$230.1 million, a slight increase of 0.9% over the planned amount, driven in part by a robust horse racing and sporting events schedule.
Following December, January saw overall field sizes across all three horse racing categories again above or in line with the year-to-date average. The peak event revenue for the Karaka Million at Pukekohe on January 21 was NZ$6.6 million.
Cricket test matches attracted sports bettors, with the second test between Pakistan and New Zealand and the third test between Australia and South Africa being the highest-earning sporting events in January. Basketball was the leading live sports category, accounting for 36% of live revenue, and also topped the pre-match single-game stakes, accounting for 31% of pre-match revenue.
TAB NZ is performing exceptionally well! They’ve witnessed a significant surge in patrons, with an average of 78,000 individuals visiting each week since August. This represents a notable increase from 70,000 last year. They’ve also managed to reclaim some of their most substantial spenders who had been utilizing rival betting platforms.
Their overall income reached $36.8 million, slightly exceeding their initial projections. They also achieved a healthy profit, with $14.6 million flowing to the bottom line. This comprises $13.3 million from wagering and $1.3 million from other forms of entertainment.
They did incur slightly higher expenditures than anticipated on aspects such as technology and enhancing their service for VIP clientele. They’re also exploring collaborations with other prominent gambling entities to elevate the racing and sports experience for all.