Australian betting operator Tabcorp Holdings keeps signaling that its struggling UK-facing online betting division may not be long for this world.
Ahead of Friday’s annual general meeting in Melbourne, Tabcorp issued a fiscal Q1 trading update which showed revenue of A$578.8m (US $443m) in the three months ending September 30. The sum is 5.3% higher than the same period last year, thanks in large part to strong gains in its gaming services division.
Tabcorp’s mainstay Wagering & Media division reported revenue up 4.5% to A$481.5m on strong digital activity. Overall wagering turnover was up 3.5%, with digital turnover rising 17% to A$1.1b while retail betting slipped 1% to A$1.55b.
Not all digital operations were worth celebrating. The company’s Northern Territory-licensed online betting brand Luxbet remains under strategic review after posting an earnings loss of A$13m in FY17, and Tabcorp said it expects to announce the outcome of this review “in the coming months.”