Home > Finance > TAB NZ surpasses betting and profit budget targets in March

TAB NZ surpasses betting and profit budget targets in March

| By Robert Fletcher
New Zealand’s TAB NZ exceeded budget targets for gross betting revenue and profit during March, allowing the organisation to distribute more funds to racing codes in the country.
Tab NZ Chair

Gross betting revenue for March amounted to NZ$31.7m (£16.4m/€18.9m/US$22.8m), which was $2.8m above budget in the month.

This better-than-expected performance was primarily down to above-budget turnover, which reached $205.7m in March, some $22.1m ahead of initial budget forecasts. 

Sports betting turnover was $17.5m above budget, with the Ultimate Fighting Championship   mixed martial arts bout between Jan Blachowicz and Israel Adesanya the most popular event of the month, drawing $473,000 in turnover.

In terms of racing, turnover was $4.6m above budget, primarily due to continued strong performance from overseas racing. The Auckland Cup at New Zealand course Ellerslie was the most popular racing event in March, accounting for $861,000 of total racing turnover for the month.

Higher revenue and turnover led to better-than-expected profit, which amounted to $11.9m in March, surpassing TAB NZ’s budget by $1.8m. Betting profit was $2.0m ahead of budget at $10.8m, but gaming profit was slightly below a budget of $1.9m at $1.8m.

Operating costs were $400,000 over budget at $10.7m, while distributions to racing codes also surpassed an initial budget by $400,000 to reach $10.5m for the month.

In terms of year-to-date performance, profit was $28.9m above budget at $116.7m, with this split $107.5m for betting and $13.8m for gaming. 

Distributions to racing codes in the year-to-date reached $94.7m, some $6.5m ahead of budget expectations.

The monthly report comes after TAB NZ earlier this month also reported NZ$26.5m in comprehensive profit for the first half of its financial year, thanks to growth in staking and revenue.

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