Australia's Tabcorp swings to annual profit, shares jump

Tabcorp Holdings

27/08/2025 07:18

Aug 27 (Reuters) - Australian gambling firm Tabcorp Holdings TAH.AX logged its strongest intraday session on record on Wednesday after swinging to an annual profit from a loss, aided by a reformed Victorian government betting licence.

Tabcorp's shares, which rose as much as 32.4% earlier, pared down gains to end the session 23.6% higher at A$0.8775, handily outperforming a flat benchmark index S&P/ASX 200 .AXJO.

The stock was also the best performer on the benchmark.

The company swung to a statutory net profit after tax of A$36.6 million ($23.78 million) for the full-year ending June 30, 2025, compared to a loss of A$1,359.7 million from a year before.

The benefits from the reformed Victorian Wagering and Betting Licence, which came into effect on August 16, 2024, helped the company's strong performance.

The new licence, awarded by the Victorian government to Tabcorp in December 2023, removed the joint venture arrangement with the Victorian Racing Industry (VRI) and associated funding obligations. This resulted in Tabcorp having to pay wagering taxes and racing and sports product fees on the same basis as other wagering operators.

In the absence of the joint venture, Tabcorp's total wagering revenue rose by 15.9%, benefiting from 100% of the Victorian revenue, it said.

Tabcorp declared a final dividend of 1 Australian cent per share, compared to 0.3 Australian cent apiece from a year before.

($1 = 1.5389 Australian dollars)

 (Reporting by Kumar Tanishk and Sherin Sunny in Bengaluru; Editing by Janane Venkatraman)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))