Australia's Online Gambling Tabcorp Reports Significant Gains

Published Wednesday, October 12, 2011 -

According to a recent report in Australia’s Brisbane Times online news Tabcorp the gambling group in Down under announced it has made positive progress despite the waning economy. Revenue growth was reported within all its sectors in the first quarter of the financial year.
Shares in the firm were going for as much as $3.24 back in August when the company said it had been doing well with revenues coming in at $562.5 million before taxes and earnings suggesting that the year would bring steady gains. Indeed the 4.2 % 11 cent gain to $2.71 was realized and as of the end of September the gain of 2.7 percent brought the revenue to $759.4 million

Tabcorp has proven successful with its diversified offerings which include keno, gaming, wagering  and media activities across Australia.  Leading retail brands such as TAB, Taberet, Luxbet, TAB Sportsbet, and Sky Racing, are among the services the group provides to millions of punters and watchers each day.
Tabcorp began activities in 1994 with an opening IPO of $2.25 per share. It has since developed acquisitions to build its various brands. New South Wales retail betting shops saw a growth of 6.7 percent with a remarkable 20 percent increase in the online betting sector. ''Despite the significant challenges faced by retailers in the current trading environment'' Tabcorp said that Victoria and NSW produced a 4.2 percent increase in sales.

Tabcorp’s managing director David Attenborough commented, ''The continued revenue growth in Tabcorp's four divisions demonstrates that the investments to grow the business in each of its respective markets are being well executed,'' 
Predictions that Tabcorp will exceed original forecasts are being made by analysts. Indications are that Tabcorp will attempt to seek compensation for revenues lost after the Victorian government announced in 2008 that Tabcorp and Tatts will loose their poker machine duopoly in 2012. ''Tabcorp intends to pursue all of its rights and take all appropriate action in respect of the payment,'' the firm stated recently.



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