Tab NZ records monthly turnover increase despite lockdown effect
The figure did however come in NZ$9.4m below budget and NZ$18.8m lower than the same period last year.
Total gross betting revenue for the month was NZ$33.7m, NZ$1.5m above budget at a margin of 17.6%.
Reported profit for the month came to NZ$13.8m, NZ$1.6m above budget and a 58.6% increase on the previous month. Operating expenses amounted to NZ$9.1m, which was NZ$0.8m below budget.
The Tarzino Trophy event at Hastings was the most lucrative racing event of the month, generating NZ$635,000. The Sir Rupert Clarke stakes at Caulfield was next with NZ$508,000, followed by the War Decree 1200 at Te Rapa which brought in NZ$439,000.
In terms of sporting events, New Zealand’s rugby union matches against South Africa and Australia proved to be the most popular, raising NZ$933,000 and NZ$800,000 respectively. The rugby league fixture between South Sydney Rabbitohs and Manly Sea Eagles followed with NZ$664,000.
Tab NZ’s operations have been hampered by novel coronavirus restrictions placed on the country, with many areas operating at alert level 3.
A Tab NZ statement said: “Notwithstanding these challenges, the TAB and industry is maintaining a much more robust position financially than during last year’s nationwide lockdown. However, as the Government response to Covid-19 continues to adapt and evolve, TAB NZ will continue to act with caution when assessing future potential trading conditions and how this will flow on to profit distribution.
“Although betting performance has been relatively strong through the first half of October, continued closure of Auckland retail and gaming in particular present material challenges for the business and will require continued monitoring and further assessment at the appropriate time.”