Tabcorp Holdings Ltd
ASX:TAH
Tabcorp Holdings Ltd
Tabcorp Holdings Ltd. engages in the provision of entertainment services. The company is headquartered in Melbourne, Victoria. The firm operates its business through three segments: Lotteries and Keno, Wagering and Media, and Gaming Services. Lotteries and Keno business segment is a lottery operator with licenses to operate in certain Australian states and territories. Wagering and Media segment provides totalizator and fixed odds betting and retail wagering networks, and global racing media business. Gaming Services segment includes game machine monitoring operations in New South Wales, Queensland and the Northern Territory and venue services nationwide. The company operates through various brands, including Set for Life, Powerball, Oz Lotto, TattsLotto, Saturday Lotto, Gold Lotto, X Lotto, Monday and Wednesday Lotto, Lucky Lotteries, Lotto Strike, Super 66, Keno and Instant Scratch-Its.
Tabcorp Holdings Ltd. engages in the provision of entertainment services. The company is headquartered in Melbourne, Victoria. The firm operates its business through three segments: Lotteries and Keno, Wagering and Media, and Gaming Services. Lotteries and Keno business segment is a lottery operator with licenses to operate in certain Australian states and territories. Wagering and Media segment provides totalizator and fixed odds betting and retail wagering networks, and global racing media business. Gaming Services segment includes game machine monitoring operations in New South Wales, Queensland and the Northern Territory and venue services nationwide. The company operates through various brands, including Set for Life, Powerball, Oz Lotto, TattsLotto, Saturday Lotto, Gold Lotto, X Lotto, Monday and Wednesday Lotto, Lucky Lotteries, Lotto Strike, Super 66, Keno and Instant Scratch-Its.
Earnings Growth: Tabcorp reported double-digit earnings growth for the half, mainly driven by the new Victorian (VIC) license.
Revenue: Group revenue grew 10.1% to $1.3 billion, supported by the VIC license despite a soft wagering market.
Cost Discipline: Operating expenses (OpEx) were reduced by 1.8% on an underlying basis, with about 200 roles removed and stronger controls on discretionary spend.
Upgraded Savings: FY '25 OpEx savings guidance increased from $20 million to $30 million; CapEx guidance reduced by $25 million to $110–120 million.
Strategic Shift: The company is broadening its focus from digital to an omnichannel strategy, leveraging its retail and media assets.
Retail and Media: Retail and omnichannel offerings are expected to show the fastest earnings growth, with media growth expected to play out over time.
Balance Sheet: Leverage ratio stands at 2.2x net debt to EBITDA, with continuing focus on deleveraging as VIC license earnings materialize.
