TAB NZ Report Key Performance Results for April Were in Line with the Overall Positive Trends of the 2021/22 Financial Year
WELLINGTON, NZ (May 25, 2022) — TAB New Zealand (TAB NZ) provides the ninth monthly trading update for the 2021/2022 financial year, with the results and highlights for April 2022.
The TAB continued to operate successfully through its online and retail channels throughout April, despite some impact to retail operations due to the current Omicron outbreak. The outbreak has had a continued impact on foot traffic in the retail and hospitality sector, although this eased towards the end of April once New Zealand passed the peak of the Omicron outbreak.
Racing and sports betting turnover and profit performed well despite fewer customers interacting with the retail and hospitality sector. Turnover in April was above budget for the second month in a row and, combined with a gross betting margin above budget, the gross betting revenue was also above budget.
The peak of the Omicron outbreak in late March and the resulting effect on foot traffic in retail and on-course, was mitigated by the loosening of gathering restrictions for indoor and outdoor events, allowing race clubs to increase crowd capacities.
The TAB NZ Board has been able to maintain betting profit distributions at budgeted levels through the year to date. With funding from Betting Information Use Charges and the Betting Levy tracking above budget, this has meant that total distributions have been above budgeted expectations.
The Board will continue to factor in potential developments in New Zealand’s response to Covid-19, how these might affect trading conditions and what this may mean for profit distributions.
Wagering Performance Summary
In April, the key performance results for TAB NZ were in line with the overall positive trends of the 2021/22 financial year. Turnover of $221.7m was 0.8% ($1.8m) above budget and gross betting revenue (GBR) of $37.0m was up on budget by 5.3% ($1.9m). The gross betting margin (GBM) of 16.7% was 0.7% up on budget.
SOURCE: TAB New Zealand.Tags: TAB New Zealand, New Zealand