A host of wagering companies have reported the challenges of dropping turnover in racing over the past 12 months, as the sport comes off pandemic-era highs in interest and investment.
Tabcorp released its financial results for the first half of the 2023-24 financial year on Thursday and lodged a $637 million net loss in the first half of the financial year, a result significantly impacted by a $732 million impairment charge.
However, the devil was in the detail when it came to the racing industry, with Tabcorp revealing year-on-year racing turnover had dropped from $6.5 billion to $6.12 billion, some 5.9 per cent.
While sports betting turnover increased 6.7 per cent, up from $1.26 billion to $1.34 billion, Tabcorp reported overall wagering turnover fell 3.8 per cent compared to the second half of 2022.
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