Image source: © Asolano97 | Megapixl.com
Highlights
- Tabcorp Holdings operates two segments, wagering and media, and gaming services
- In 1HFY24, the company registered 5.1% YoY decline in revenue to AUD 1,210 million
- In FY24, the company expects to spend AUD 150mn on CAPEX
Australia-based Tabcorp Holdings Limited (ASX: TAH) is an entertainment and gambling corporation. The company operates two segments, gaming services and wagering and media. The wagering and media segment offers customised and fixed odds betting, worldwide racing media enterprises and retail wagering networks.
In the first half of the financial year (1HFY24), the company saw 5.1% YoY decrease in its revenue to AUD 1,210 million. During the reported period, EBITDA stood at AUD 170 million, compared to AUD 197 million in previous corresponding period, while NPAT reached AUD 18 million, compared to AUD 47 million in previous corresponding period. In 1HFY24, tab total revenue market share was 33.7%, compared to 32.9% in 1HFY23.
Recent business update
Through an ASX update, dated 14 March 2024, the company notified about the resignation of its Managing Director and CEO, Adam Rytenskild.
Outlook
The company expects to deliver its TAB25 strategy successfully which would result in increased market share and enhanced VC margin. The new Victorian license which would become effective in August 2024, promises competitive gains and substantial earnings.
In FY24, the company expects to do CAPEX of up to AUD 150 million.
In 2HFY24, OPEX is expected to increase by around 1% and the focus is on achieving upper limit of the existing FY24 opex guidance range.
Key drivers for consumer discretionary sector
The data shared by the Australian Bureau of Statistics (ABS) on 14 March 2024, indicated that payroll jobs has increased by 2% in Australia in the month to 17 February 2024. Another set of data shared by ABS highlighted that the arrivals of short-term visitors in Australia has surged by 46.4% annually to 603,770 in January 2024. Both overseas arrival and payroll data bode well with the consumer space, as it would result in increased consumer spendings on discretionary items.
Millennials and generation Z have a preference for experience over material possessions have impacted industry like travel and leisure considerably.
Share performance of TAH
TAH shares closed 4.83% higher at AUD 0.76 apiece on 18 March 2024. Including today’s gain, TAH’s share price has dropped by almost 22.45% in the last 12 months and has increased by 3.40% in the last three months.
The 52-week high of TAH is AUD 1.165, recorded on 5 June 2023, while the 52-week low is AUD 0.61, recorded on 22 February 2024.

TAH Daily Technical Chart, Source: REFINITIV
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 18 March 2024. The reference data in this report has been partly sourced from REFINITIV.
Disclaimer:
This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.
Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.
There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.
Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.
The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.
The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.
Kalkine does not issue, sell or deal in any financial products.
This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.
To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.
Please also read our Terms & Conditions and Financial Services Guide for further information.
Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.
Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.
Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.
Copyright 2026 Krish Capital Pty. Ltd. (ABN 61629651510). All Rights Reserved. No part of this Article, or its content, may be reproduced in any form without our prior consent.