Tabcorp, the Australian gambling giant, has reported a substantial loss of $417.2 million and a 5% decline in revenue for the last half-year. The loss is attributed to significant currency depreciation, reduced gambling activity, and increased tax rates in the country.
The total revenue for the company amounted to $792.7 million, with the earnings for the Tabcorp-owning group experiencing a 14% decline to $111.3 million. The company highlighted that the Australian betting industry encountered significant challenges.
Tabcorp CEO Adam Rytenskield expressed optimism, anticipating positive outcomes resulting from strategic investments in product innovation, data analytics, and brand development.
