Melbourne Cup drives turnover growth for Tab NZ in November
Turnover for the month came to NZ$232.6m, with Australia’s Melbourne Cup day setting a new turnover record of NZ$26.6m, up 14% year-on-year, resulting in gross betting revenue of NZ6.2m, again a new record.
Tab NZ customers staked NZ$11.5m on the Melbourne Cup race itself, again breaking the previous record fo NZ$10.3m, set in 2018.
The biggest domestic racing event was the NZ Trotting Cup day, for which turnover reached $11.3m, again breaking 2018’s record, this time of $10.8m. More than 40,000 account holders bet on the day’s racing.
Rugby union dominated sports betting turnover, meanwhile, though only two matches, which saw the All Blacks take on Argentina and Australia, generate more than NZ$1.0m in stakes. After winnings were paid out, gross betting revenue came to NZ$41.6m, NZ$8.7m above budget and 19% above prior year levels.
With operating expenses declining year-on-year, net profit for the month came to NZ$17.7m, surpassing budget expectations by NZ$4.9m. This comprised NZ$16.4m from betting, and NZ$1.8m from gaming, with NZ$0.5m going to the Racing Integrity Unit.
As a result Tab NZ distributed NZ$14.4m to the country’s racing codes, above the NZ$12.9m it had budgeted.
From the operator’s fiscal year to date, from 1 August to 30 November, operating profit for the year stands at NZ$61.2m, or 23% ahead of prior year levels.