The NZ card saw a year-on-year increase in revenues and profits

Tab New Zealand (Tab NZ) saw revenue increase in December by 13% year-on-year, as well as an increase in profit for the month.

The racing body and sports betting operator saw gross betting revenue increase to NZ $ 36.5 million ($ 26.2 million), $ 6.5 million above its budget. The turnover amounted to USD 34.5 million and exceeded expectations, reaching USD 224.5 million.

The operator reported an increase in net profit before payouts in December by $ 1.7 million from December 2019 to $ 16.2 million, which is $ 4.4 million above budget. Its operating profit from the beginning of the year for the fiscal year 2020/21, from August 1 to December 31, was USD 13.1 million higher than in the corresponding period last year and amounted to USD 77.4 million.

Tab NZ credited the increase in revenues and profits to the start of the summer sports season in the region where New Zealand and Australian cricket teams started their season at home and the National Basketball Association (NBA) resumed the season.

As a result, the top seven sports events in terms of turnover for the month - excluding horse racing - came from cricket, and the third T20 International between New Zealand and Pakistan on January 22 topped the list with a turnover of $ 555,000.

December's active customer base was 97,000, while the racing codes were paid $ 12.9 million in actual monthly schedules, which included Tab NZ profit, offshore bookmakers' commission and tariff elimination.

In November, the operator saw 6% revenue growth for 12 months to July 31, 2020, to $ 369.6 million.