Monthly Archives: October 2015

Online betting rise mitigates Tabcorp’s retail decline; CMO Michael Smith leaves

Australian betting operator Tabcorp says its online operations were the belle of an otherwise unexceptional fiscal Q1 ball.

In a fiscal Q1 trading update covering the three months ending Sept. 30, Tabcorp’s wagering revenue rose 3.2% to A$3.1b despite its mainstay retail wagering numbers falling 0.4% to $1.64b. That decline was mitigated by the digital division, which reported turnover up 13.1% to $900m.

Tabcorp’s group revenue rose 1.1% to $543.5m in the quarter, with wagering revenue up 0.7% to $461.3m. Racing revenue was up 4.7%, although tote revenue fell 1.9% to $296m, partially offset by good gains in fixed odds revenue, which rose more than one-quarter to $119.3m.

The same period last year featured the second half of the FIFA World Cup and also boasted a better than average hold percentage, which combined to push this quarter’s sports betting revenue down 21% to $53m. The Northern Territory-licensed Luxbet online betting brand didn’t fare as well as Tabcorp’s main digital offering, with turnover falling 1.7% to $172m and revenue slipping 26.6% to $10.5m. Revenue from the Trackside virtual racing product improved 7.8% to $26.4m.

Online betting rise mitigates Tabcorp’s retail decline; CMO Michael Smith leaves

Australian betting operator Tabcorp says its online operations were the belle of an otherwise unexceptional fiscal Q1 ball.

In a fiscal Q1 trading update covering the three months ending Sept. 30, Tabcorp’s wagering revenue rose 3.2% to A$3.1b despite its mainstay retail wagering numbers falling 0.4% to $1.64b. That decline was mitigated by the digital division, which reported turnover up 13.1% to $900m.

Tabcorp’s group revenue rose 1.1% to $543.5m in the quarter, with wagering revenue up 0.7% to $461.3m. Racing revenue was up 4.7%, although tote revenue fell 1.9% to $296m, partially offset by good gains in fixed odds revenue, which rose more than one-quarter to $119.3m.

The same period last year featured the second half of the FIFA World Cup and also boasted a better than average hold percentage, which combined to push this quarter’s sports betting revenue down 21% to $53m. The Northern Territory-licensed Luxbet online betting brand didn’t fare as well as Tabcorp’s main digital offering, with turnover falling 1.7% to $172m and revenue slipping 26.6% to $10.5m. Revenue from the Trackside virtual racing product improved 7.8% to $26.4m.

Florida asks federal court to shut down Seminole Tribe’s casino card tables

The state of Florida has filed a federal lawsuit against the Seminole Tribe, accusing the tribe’s casinos of offering card games in violation of state and federal law.

The state and the tribe struck a deal in 2010 giving the tribe exclusivity over house-banked card games at five of the tribe’s seven casinos – three in Broward county and two more in Immokalee and Tampa – for which the tribe guaranteed the state a minimum payment of $1b.

That gaming compact expired in July and this week saw the end of the 90-day grace period by which the tribe was supposed to cease offering games like blackjack, baccarat, pai gow and the like. Instead, the tribe is defying the state by continuing to offer the games.

The Seminoles are a federally recognized tribe, meaning the state lacks the legal jurisdiction to send in its own cavalry to force the Seminoles into toeing the line. So on Friday, the state’s Department of Business and Professional Regulation formally asked a federal judge to force the tribe to shut down their gaming tables.

Florida asks federal court to shut down Seminole Tribe’s casino card tables

The state of Florida has filed a federal lawsuit against the Seminole Tribe, accusing the tribe’s casinos of offering card games in violation of state and federal law.

The state and the tribe struck a deal in 2010 giving the tribe exclusivity over house-banked card games at five of the tribe’s seven casinos – three in Broward county and two more in Immokalee and Tampa – for which the tribe guaranteed the state a minimum payment of $1b.

That gaming compact expired in July and this week saw the end of the 90-day grace period by which the tribe was supposed to cease offering games like blackjack, baccarat, pai gow and the like. Instead, the tribe is defying the state by continuing to offer the games.

The Seminoles are a federally recognized tribe, meaning the state lacks the legal jurisdiction to send in its own cavalry to force the Seminoles into toeing the line. So on Friday, the state’s Department of Business and Professional Regulation formally asked a federal judge to force the tribe to shut down their gaming tables.