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Tabcorp eyes younger punters with $33m Dabble investment

Posted: Oct 10, 2022 14:42 Category: M&A Action , Online , Sportsbetting , Posted by Sharon Singleton

Tabcorp Holdings has agreed to pay $33 million for a stake in socialised digital wagering platform, Dabble Sports, as it seeks to attract a younger demographic.

The Australian wagering giant will take a 20 percent stake in Dabble, which was founded in 2020. It has more than 150,000 customers and as of June this year had annualised revenue of $47 million. 

Tabcorp said Dabble offers an innovative socialised betting experience that accesses a new customer market with a younger audience, which currently represents more than 80 percent of their customer base. 

The investment is subject to customary conditions including Northern Territory Racing Commission approval. The investment aligns with Tabcorp’s strategy to grow digital market share and follows the recently announced sale of the non-core eBet business.

 “We are transforming our company, with a clear strategy and united ambition to grow digital market share,” Tabcorp Managing Director and CEO Adam Rytenskild said. “Dabble is one of the most unique and innovative wagering brands and our investment today fits perfectly with our transformation agenda. Our stake in Dabble will give us exposure to innovative product capability and ultimately to a younger customer base.’’ he said.

Tabcorp app boosts customers

 “The investment comes with the new TAB App now live, on time, as promised. The launch of the App has had an immediate impact with customers, delivering an 11 percent increase in weekly active customers compared to the six weeks prior to launch.

Tabcorp also announced Monday that it will be naming rights sponsor of Australia’s Everest Race Day as part of an extended three-year partnership with the Australian Turf Club. 

“The TAB Everest is one of the world’s biggest race days and we’re looking forward to combining the TAB brand, Sky Thoroughbred Central coverage and Sky Sports Radio platforms to grow the event even further,” Rytenskild said.

The accord will run for at least 18 years, making it one of the longest-running partnerships in Australian sport. 

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