After reporting a profit worth AU$52 million in six months, Tabcorp has unveiled a decision to boost its online betting profile in order to become more competitive with Ladbrokes and Sportsbet.
The company, which has historically been associated with brick-and-mortar betting services, online gambling application in September 2022, with advertising materials being aired during the broadcast of the matches from the FIFA World Cup in Qatar. Now, the Australian betting operator revealed it would set its online service as a matter of paramount priority, with the company aiming at attracting foreign-owned sportsbooks’ customers.
Following the release of the company’s financial results, Tabcorp’s CEO Adam Rytenskild shared that the gambling operator plans to boost its digital market share from 25% to 30% over the next two years. He further noted that Tabcorp plans to achieve that with a transformation of its entire betting ecosystem, the implementation of a new marketing strategy, as well as the inclusion of new products in its portfolio. Apart from that, the company would try to bring a new life to Sky Racing – a process that is planned to include a great integration with TAB.
According to the chief executive officer of Tabcorp, the successful launch of the new TAB application, which helped the company keep its share in the online gambling market although a new rival has entered the sector, had provided a strong base for the Australian gambling giant to reach its digital market share target of 30%.
Australian Gambling Giant Calls for Stricter Gambling Regulation and Limited Advertising
Despite increasing rivalry in the market and the arrival of Betr, a sports betting company associated with News Corp, Tabcorp managed to keep its share in the local digital gambling market in the second half of 2022. The boss of the Australian gambling giant scolded Betr for releasing disproportionate promotional offers. As previously reported by Casino Guardian, the new gambling operator offered its customers odds of 100 to 1 on every Melbourne Cup runner in case they placed a wager of AU$10 or less.
The newly-announced change of strategy comes after Tabcorp already criticised online spored betting operators and called for the local authorities to bring some changes to the regulation of the sector, in order for enhanced oversight to be implemented, along with some limits to gambling advertising. The Australian gambling giant also called for lawmakers to unveil policies favouring in-store gambling, rather than online sports betting services.
Tabcorp has also lobbied for the establishment of a new regulator to boost the oversight of the country’s online gambling sector. For the time being, most companies offering online gambling services operate under licenses in the Northern Territory and are subject to oversight from the local gambling regulator – the NT Racing Commission. Tabcorp holds an operating permit in other states, too.
The company has been insisting that only a single national betting regulatory body would be able to make all Australian states and territories act in harmony and bring their gambling regulations in line with the requirements of the modern gambling industry.
- Author
Olivia Cole
