The New Zealand TAB hit its earnings goal for the initial time in the 2022/23 fiscal period, driven by robust performances in sports wagering and local horse racing.
The wagering company reported a profit of NZ$14.6 million (US$9.1 million/€8.6 million/£7.6 million) for the month ending January 31, 2023, surpassing the planned amount by NZ$300,000. This marks the first time the operator has achieved an above-budget profit in its sixth monthly trading update for the 2022-23 fiscal period.
Revenue was NZ$230.1 million, a slight increase of 0.9% over the budget, partially attributed to a busy horse racing and sports event schedule.
Following December, January saw overall field sizes across all three horse racing codes again equal to or above the average for the year to date. The Karaka Million at Pukekohe on January 21 saw peak revenue of NZ$6.6 million.
Cricket test matches proved popular with sports bettors, with the second test between Pakistan and New Zealand and the third test between Australia and South Africa topping the sports betting revenue in January. Basketball was the leading live sport, accounting for 36% of live revenue, and also the leading pre-match event, accounting for 31% of pre-match revenue.
TAB NZ is performing exceptionally well! They’ve witnessed a significant surge in clientele, with an average of 78,000 individuals wagering weekly since August, an increase from 70,000 last year. They’ve also successfully lured back some high-spending patrons from rival betting organizations, contributing to their financial gains.
Their total betting income reached $36.8 million, slightly exceeding their projections, and their profit margin settled at 16%, precisely as anticipated. They did allocate slightly more funds than planned towards initiatives such as cutting-edge technology and exclusive promotions for their most valued customers. They’re also exploring collaborations with prominent international gambling entities to enhance the racing and sports betting experience for all.
In conclusion, they achieved a profit of $14.6 million, a commendable outcome. They also contributed $13.4 million back to the racing sector, a figure slightly below their initial target.
