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Tabcorp shows revenue growth for Q3 2010 on back of gambling and sports betting in Australia

Tabcorp – one of Australia’s biggest gambling companies – has seen an increase in normalised net revenue for the March quarter of 5.4%, as the financial hangover of this year’s flooding wears off.

After the announcement on Wednesday of over a billion dollars in revenue for the three months to March 31st, Tabcorp shares were up 17 cents, a rise of more than 2% on their share price, which finished at $7.41. ‘Normalised’ revenue takes into account the variations in the theoretical win rate for high-stakes gambling.

Tabcorp is a true Australian gambling giant, with casinos, wagering and gaming divisions that span the country, and which all showed growth this quarter. In particular, Tabcorp’s Keno interests showed strong growth: Tabcorp already run Keno gaming in New South Wales and in Queensland, and with the upcoming addition next year of the Victoria Keno market after Tabcorp were awarded an exclusive 10-year license there, their revenue looks set to increase further.

Tabcorp Chief Executive Elmer Funke Kupper said in a statement that he was pleased with the way the divisions had dealt with the fallout from the flooding, showing ‘resilience and good underlying momentum.’

Revenues in wagering had been badly affected by wet weather, simply from the knock-on effect of abandoned race meetings and reduced field sizes enforced by the condition of the tracks.

January’s floods kept customers away from Brisbane’s Treasury Casino – revenue there was down 7.6% - but elsewhere in Queensland, Jupiters Gold Coast and Jupiters Townsville both showed growth. Sydney’s Star City Casino was the star performer, with revenues up more than 11%.

This is all welcome news for the gaming industry in Australia – even a crisis on the scale of this year’s floods hasn’t stopped the growth of gaming and wagering, in Casinos and at sporting events, too.

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