Festive horse racing betting drives revenue up at TAB NZ in December

first_img Festive horse racing betting drives revenue up at TAB NZ in December Eight of the top 10 events in terms of turnover during the month were domestic horse racing fixtures in New Zealand. Results 2020 Net profit for the months before distributions amounted to $16.2m, some $4.4m above budget and $1.7m ahead of last year, while operating expenses were down $2.0m year-on-year and $300,000 below budget. TAB NZ also saw a $6.1m increase in sports event betting turnover, as well as a $9.5m rise in international racing wagers and $2.5m hike in VIP bets. Topics: Finance Sports betting Results 2020 Horse racing Gross betting revenue amounted to NZ$36.5m (£19.2m/€21.5m/US$26.3m) in December, up $4.1m on the same month last year and $6.5m above budget for the month. TAB NZ also revealed that racing codes were paid a total of $12.9m in actual distributions for December, $1.0m more than the amount budgets for the month. Regions: New Zealand New Zealand’s TAB NZ has posted a 12.7% year-on-year increase in gross betting revenue for December, partly due to the impact of festive horse racing fixtures and the start of the country’s summer sports season. Tags: Tab NZcenter_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Turnover in December reached $224.5m, which was $34.5m above expectation. TAB NZ put this down to an increase in wagering across a number of areas, including domestic wagering, where turnover was up $16.4m year-on-year. For the financial year to date, operating profit for the five months through to the end of December was $77.4m, some $20.6m above budget and $13.1m more than the previous year. Year-to-date operating costs were $48.6M, down $10.8m on the previous year and $900,000 below budget. However, the December figure represented a 12.3% drop on November, when TAB NZ posted $41.6m in gross betting revenue. Email Address Sports event betting was helped by the restart of the North American National Basketball Association season, as well as the start of the New Zealand summer sports season. 22nd January 2021 | By Robert Fletcher Subscribe to the iGaming newsletterlast_img