Condensed timetables boost sports betting at TAB NZ

New Zealand Racing

TAB NZ said sports betting turnover in August jumped 36 percent, helped by a condensed sporting calendar, with seasons overlapping when normally they would not.

Overall, TAB said its key results for the first month of the new fiscal year were ahead of both its own budget and the prior year, despite Covid-19.

Total racing turnover rose 10.1 percent and the firm noted that the betting on overseas racing that happened during lockdown has continued, while domestic racing activity is back to prior levels. 

Despite the recent second lockdown in Auckland, retail turnover has returned almost immediately to pre-lockdown levels. 

“The board is encouraged by the trading performance for the month however it remains cautious at this early stage of the season on the ability to meet full year projections,” the company said. “This is given the ongoing uncertainty presented by COVID-19 and the potential for further disruption to domestic and international product supply.”

Net profit for the month was $12.8 million, which was $1.7 million ahead of budget and $1.4 million more than last year.