TAB going gangbusters with betting on racing and sport well up on last year

The TAB has had another strong month, returning a net profit for September of $14.9 million, with betting up on racing and sport.

The figure is up $5.2 million on budget and is even better than the results for August where a $12.8 million profit was recorded.

TAB NZ attracted total turnover of $210.7 million for the month, $34.4 million above budget and $25.9 million ahead of last year.

Sports betting saw the biggest increase of $19 million, while international racing was up $11.4 million and domestic racing up $1.6 million.

The total turnover on each was:

* Overseas racing $82 million

* Sport $68 million and

* NZ racing $61 million.

The result saw the racing codes paid out $10.3 million, more than the budgeted figure of $9.4 million but less than the $11.5 million paid out for August.

The TAB’s operating expenses for the month were $9.5 million, $300,000 below budget and $2.2 million, or 19.2%, below last year.

Its capital expenditure for the month was $800,000 which included product development and the relocation of its Porirua TAB site.

The TAB’s year to date reported profit is $27.7 million, $7 million above budget and $6.9 million up on last year.

Domestic starter and field size numbers continue to be particularly strong for both equine codes.

Thoroughbred and harness starters were up 27% and 34% respectively on the same period last year, contributing to strong year-on-year domestic racing turnover growth of 21%. Large field sizes, particularly for thoroughbreds (12.3 v 9.8 last year), have also contributed to strong fixed odds margins that are higher than last year.

The TAB recorded 99,100 active customers for the month.

Its biggest sporting event was the Israel Adesanya v Paulo Costa fight which saw $682,000 bet and racing’s highlight was the Tarzino Trophy at Hastings which attracted $695,000.