On Tuesday, February 21, Tabcorp, a flagship Australian gambling company/ provider of wagering and gaming products and services based in Melbourne, reported $52 million in net profit for the half ended December 31, exceeding consensus expectations by 30 percent.
Reason for higher income:
Profit rose 11 percent to $1.275 billion, while earnings prior to taxes, interest, depreciation and amortization (EBITDA) increased 24 percent to $197 million.
The main reason for the higher revenue was a 58 percent rise in cash betting revenue, as bettors returned to retail outlets after the COVID lockdowns.
Commenting on the reasons for the higher revenue, Adam Rytenskild, Chief Executive Officer of Tabcorp, said: “Our business has rebounded strongly …