Tabcorp reports $1.36 billion loss amid strategic overhaul

Tabcorp Holdings Limited has reported a net loss after tax of $1.36 billion for the 2024 financial year, driven by substantial non-cash impairment charges.

The company’s latest Annual and Sustainability Reports highlight a challenging year as it navigates economic pressures and restructures its operations for long-term growth as one of the leading Australian bookmakers.

Tabcorp Key financial highlights

The financial blow comes as Tabcorp undertakes substantial restructuring and pivots toward long-term sustainability.

Executive Chairman Bruce Akhurst acknowledged the tough conditions, noting the company’s commitment to delivering value despite setbacks.

“Our goal is to set the benchmark for sustainability while delivering value to our stakeholders. We’re raising the game to create a brighter future for our customers, employees, and communities,” Akhurst said.

One major development was Tabcorp’s successful bid for a new 20-year exclusive Victorian Wagering and Betting License.

While Akhurst called it a “transformative moment” for the company and the Victorian racing industry, the upfront costs and commitments—including $2 million for gambling harm research and $2.5 million for animal welfare programs—added to financial pressures.

Despite these investments, overall revenue dropped as economic headwinds and a shift in consumer behaviour impacted the wagering sector. The company remains optimistic, emphasising its efforts to modernise operations through digital innovations and venue upgrades.

While financial losses dominated the year, Tabcorp highlighted its progress in sustainability. A 36.4% reduction in Scope 1 and 2 greenhouse gas emissions was achieved as part of its Net Zero Plan, alongside new measures to minimise gambling harm.

The company introduced a Safer Gambling Strategy and voluntarily ceased betting ads during peak family viewing hours, a move aimed at fostering a more responsible industry.

Acknowledging the losses, Akhurst reiterated Tabcorp’s commitment to long-term goals. “We are focused on leading the industry responsibly while creating value for our customers, employees, and communities,” he said .

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