Tabcorp expects $76 mln in betting turnover from World Cup

Australian wagering giant Tabcorp could be raking in more than A$100 million (US$76.1 million) in betting turnover from the upcoming football World Cup, according to a report from the Australian Financial Review.

The World Cup runs every four years, and is known to be one of the biggest events for bookmakers globally. This year, the event is hosted in Russia, and is due to start from June 14 to July 15.

Through its Sky Racing channel, Tabcorp will be able to broadcast all 64 matches of the event in pubs and clubs in Australia as well as TAB and UBET venues after striking an agreement with rights holders Optus and SBS.

According to the report, Tabcorp believes that many viewers will choose to watch some matches live at pubs and clubs around the country, where they will also be able to bet on matches during play at TAB venues.

“We offer punters a great point of difference as they can watch all games live and bet live in pubs and clubs across Australia,” Adam Rytenskild, Tabcorp’s managing director of wagering and media. “Whether they’re engaging on mobile or in retail, we want to make this the biggest World Cup yet for TAB customers.”

While the tournament will fall into the 2018-2019 financial year, it is expected to have a material impact on Tabcorp financial performance.

Earlier this year, Tabcorp reported a decline in its statutory net profit, down 50 percent in the first half of the 2018 financial year.

Tabcorp said NPAT and EPS were adversely impacted by acquisition costs of its Tatts Group merger, as well as an impairment cost as a result of its Sun Bets onerous contract provision, Luxbet closure costs, and a loss on its Odyssey divestment.