27/10/2021 - 15:52

TAB posts lift in profit

27/10/2021 - 15:52

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The impending sale of the TAB is set to receive a small boost after it posted a 24 per cent lift in profit.

TAB posts lift in profit

The impending sale of the TAB is set to receive a small boost after it posted a 24 per cent lift in profit.

In releasing its annual report today, Racing and Wagering Western Australia confirmed revenue had increased from $450.2 million to $551.7 million in the past year.

More than two-thirds of those funds came from WA TAB wagering, which produced a profit of $135 million, up $109 million on the previous year.

Wagering on all three codes was at record levels, with national wagering on WA racing up 17 per cent to $3.8 billion.

RWWA chief executive Ian Edwards said the strong result had been underpinned by the adherence to strict biosecurity protocols and strong industry collaboration which minimised disruptions during the COVID-19 pandemic.

He said the strong revenue and profit would allow the organisation to invest further and accelerate much-needed infrastructure investments and other strategic priority areas.

The racing body confirmed it would commit a further $10 million in annual funding to the racing industry in WA, as well as $30.7 million in infrastructure spending for the next financial year.

Funding of $175 million is set to be distributed to racing participants, up $12 million from the previous year, as well as new funding for animal welfare and marketing initiatives.

The release of the report comes just weeks after Racing Minister Reece Whitby announced the state government had restarted the campaign to privatise the TAB, with a fresh expression of interest process and a new operator to be in place by late 2022.

The sale of the state’s betting agency was first floated seven years ago, with a valuation of $1 billion reported in 2016.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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