Tabcorp confirms dividend target after AUSTRAC accord

Tabcorp said it is maintaining its dividend targets this year after a Federal Court approved a A$45 million ($35 million) penalty to settle a case with financial intelligence agency Austrac.

The Australian Transaction Reports and Analysis Centre brought the case against Tabcorp in 2015 for compliance deficiencies relating to anti money laundering and counter-terrorism financing provisions.

The wagering firm, which will also need to pay AUSTRAC’s legal costs, said the penalty will be recognised as an expense in its financial statements for the year to the end of June.

The wagering company said its dividend target remains the greater of more than 90 percent of net profit after tax before significant items and the amortization of the Victorian Wagering and Betting license, or $0.24 a share.

The company said it looks forward to working with AUSTRAC in the future and has made significant investments in its AML and CTF compliance over the past three years. It said it will remain focused on being the industry leader in regulatory compliance.

Related Articles

Tabcorp EBITDA hit from power outage less than $10 million

Tabcorp said a power outage that took out its systems over the weekend caused it to lose wagering turnover over the weekend, but the hit to EBITDA will be less than $10 million. It says its systems have now largely been restored. 
Australia tabcorp

Tabcorp digital turnover grows, though group posts loss

Tabcorp digital turnover outstripped retail turnover for the first time in a full year after Covid-19 forced the closure of its outlets and tipped the group to an $870 million ($631.8 million) loss.

Tabcorp secures debt waivers as part of Covid-19 response

Australian wagering giant Tabcorp announced it has secured agreement from its bank lenders for a waiver of leverage and interest cover covenants in response to the financial impact of the Covid-19 pandemic.  The waiver is related to its Syndicated Facility Agreement, representing facilities of A$2.2 billion (US$1.6 billion), according to a company filing. As of […]

Tabcorp lottery segment drives FY20H1 revenue

Australian wagering giant Tabcorp announced a 4.4 percent increase in group revenue for the first half of the 2020 financial year, driven by performance in its lotteries business.  The company said that it registered more than 300,000 new customers in the past six months – translating to strong growth in both digital and retail lotteries […]