Tag Archives: Tab NZ

Tab NZ misses profit budget again in November

Tab NZ misses profit budget again in November

Tab NZ again fell short of its monthly profit budget in November despite surpassing its gross betting revenue (GBR) target for the month.

Tab NZ, New Zealand’s sports betting monopoly, said while major events such as football’s 2022 Fifa World Cup, horse racing’s Melbourne Cup and the NZ Trotting Cup helped it to surpass turnover and GBR levels, gross betting margin and profit missed budget.

Retail traffic continued to hold strong following the easing of Covid-19 restrictions and the overall field size across all three codes was up on the year-to-date average, other factors such as continued competitive pressure from unregulated offshore operators, reduced betting margin and lower average bet size in key customer segments impacted the figures.

Tab NZ had already warned in early December that due to it missing budgets a number of times in recent months, it would have to reduce distributions to racing codes across New Zealand by 9% for the 2022-23 financial year ending 31 July 2023.
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Tab NZ reports turnover decrease in February

Tab NZ reports turnover decrease in February

Tab NZ has reported betting turnover of NZ$184.9m (£97.3m/€116.9m) for February, down 23.3% from the previous month.

This was also a decrease year-on-year of 1.2% and 2.3% below budget for the month.

Gross betting revenue was NZ$30.1m, a decrease of 24.7% from January but a rise of 1.1% year-on-year.

Profit for February was NZ$11.3m, down 36.5% month-on-month but up 9.7% from February 2021. This was NZ$200,000 less than the budget for the month.

Betting profit made up NZ$10.1m of the total profit, NZ$400,000 over budget, while gaming profit brought up the remaining NZ$1.2m, coming in NZ$600,000 under budget.

Profit for the year to date totaled at NZ$96.9m, down 7.5% year-on-year and NZ$800,000 under budget.

Operating expenses for the month fell by $900,000 compared to January, to NZ$9m, and fell by NZ$600,000 year-on-year.

The most successful day for horseracing turnover for the month was at the Herbie Dyke Stakes at the Te Rapa venue on 12 February, which generated NZ$538,000.
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