Australia’s giant gambling group expects a boost to profits following significant turnover from this year’s championships in Russia
The Australian Financial Review reports that Australian gambling giant Tabcorp expects betting turnover from the FIFA World Cup football championships in Russia this month to be around A$100 million, enabling a significant boost to revenues and profits.
The event, which is hosted every four years by a different nation, runs from June 14 to July 15 and is regarded as one of the biggest betting opportunities for gambling companies.
Through its Sky Racing channel, Tabcorp will be able to broadcast all 64 matches of the event in pubs and clubs in Australia as well as TAB and UBET venues after striking an agreement with rights holders Optus and SBS. Tabcorp believes that many viewers will choose to watch matches live at pubs and clubs, where they will also be able to bet on matches during play at TAB venues.
“Whether they’re engaging on mobile or in retail, we want to make this the biggest World Cup yet for TAB customers,” said Adam Rytenskild, Tabcorp’s managing director of wagering and media.
Earlier this year, Tabcorp reported a decline in its statutory net profit, down 50 percent in the first half of the 2018 financial year and negatively impacted by acquisition costs of its Tatts Group merger, as well as an impairment cost as a result of its poor Sun Bets performance, Luxbet closure costs, and a loss on its Odyssey divestment.
