Australia’s largest betting agency, Tabcorp, has reported a $1.36 billion net loss (after tax) for the 2023/24 financial year.
The gambling giant said the results reflect “softer wagering market conditions” due to pressures caused by current high inflation and interest rates.
Tabcorp recorded $2.3 billion in revenue, down 3.9% on the previous year. Revenue is the total income a company earns from selling its products or services.
Reforms
Tabcorp’s loss comes amid calls for the Federal Government to commit to stronger gambling reforms.
In June 2023, a federal inquiry into gambling harms made 31 recommendations. It proposed a phased ban of all TV, radio, and online gambling ads within three years.
It’s expected the Government will introduce legislation to restrict TV gambling ads, not a total ban.
