Tatts posts narrowed net profits in FY17H1

Australian wagering giant Tatts Group saw a narrowing of net profit in the first half of the 2017 fiscal year, down 16.5 percent to A$122.8 million.

The result “reflected both the challenge of cycling over last year’s all-time record Powerball and Oz Lotto jackpot run, and the continuing investment required for UBET to sustain its position in what is a hypercompetitive sector.”

The group however, saw strong growth in its portfolio of non-jackpotting lottery games, which saw revenue growth of 6.9 percent in the half year.

UBET also saw an increase in blended win-rates to 15.6 percent up from 15.2 percent in FY16H1. The increased win rates allowed its fixed price sports betting revenue to increase 22.5 percent in the half year.

Tatts also said it witnessed stable performance in the group’s gaming operation.

Group revenue was A$1.4 billion in the FY17H1, down 6.9 percent from the prior comparable period. EBITDA was down 11.5 percent to A$235.1 million.

Tatts has announced an interim dividend of 9.5 cents per share.

More news from this jurisdiction

AustraliaThursday, Apr 27, 2017

Australia’s federal, state and territory ministers have agreed on 11 new measures to reduce the harm of online problem gambling.

AustraliaWednesday, Apr 26, 2017

Crown Resorts’ head of international marketing, Michael Chen had reportedly left the company sometime in March.

AustraliaMonday, Apr 24, 2017

Racing Victoria’s acting chief executive Giles Thompson has been appointed as the body's chief executive on a permanent basis.

AustraliaFriday, Apr 21, 2017

Australia-listed Crown Resorts has brushed off rumours of being in partnership with the ASF Group, developer of the proposed A$3 billion (US$2.3 billion) casino resort on the Gold Coast’s Spit.

AustraliaTuesday, Apr 18, 2017

Tabcorp has agreed to divest its gaming machine monitoring business as part of the process for securing approvals for its proposed merger with Tatts Group.

AustraliaTuesday, Apr 11, 2017

Tabcorp will soon be announcing a five-year partnership with the Australian Hotels Association which will allow pubs to be incentivized for bets placed by customers using the TAB app.

Australia, ElsewhereFriday, Apr 07, 2017

Novomatic says it will intensify its work in Australia, Asia and North and South America, following the acquisition of a controlling stake in Ainsworth Game Technology.