Tabcorp swings to AU$36.6m profit for FY25 after Victorian licence switch and leadership overhaul

Tabcorp has returned to profit for the financial year ended 30 June 2025, reporting AU$36.6 million compared with a net loss after tax of AU$1.36 billion in FY24. The figures appear in the company's 2025 annual report, as reported by trade outlet Gambling Industry News.

The numbers

According to the report, group revenue rose 11.8% year-on-year to AU$2.61 billion. EBITDA increased 23.2% to AU$391.5 million. Net profit before significant items reached AU$49.5 million, up 76.8%. The source material does not say what the significant items were, nor does it detail the causes of the FY24 loss.

The Wagering and Media division was the main driver. It generated AU$2.44 billion, up 12.8%, with EBITDA up 31% to AU$329.1 million. The report says wagering turnover grew strongly, citing cash net revenue up 17.5% to AU$965.7 million and digital up 16% to AU$1.1 billion. The source does not define precisely what those two figures measure.

MAX, Tabcorp's integrity services division, recorded a 7.6% rise in revenue to AU$175.8 million.

Licence change and new leadership

Tabcorp attributed part of its result to its transition to a Victorian Wagering and Betting Licence, which took effect on 16 August 2024. It also pointed to a new leadership structure, cost-effective measures and a greater focus on execution.

Gillon McLachlan became Managing Director and Chief Executive Officer in August 2024. Brett Chenoweth was appointed chair two months later. Commenting on the results, McLachlan said:

"Today's pleasing results are the outcome of creating a fitter company," Tabcorp Managing Director and CEO Gillon McLachlan said.

He also said the company had increased its wagering and media capability at leadership level and developed a "simpler, more cost-effective operating model". According to McLachlan, Tabcorp has an "evolved strategy" focused on "unlocking the value that lies within our unique asset base". He said it had begun executing that strategy, including creating a "structurally profitable retail business" that would, in time, increase patronage to pubs and clubs through an omnichannel offering. These are the company's own statements and forward-looking claims, and the source offers no independent verification.

Outlook for FY26

Tabcorp describes FY26 as its first full year operating under the Victorian licence. It expects the wagering market to keep showing small but steady growth. The company gave no guidance figures for revenue or EBITDA. It did anticipate capital expenditure of AU$120 million to AU$140 million and depreciation of AU$215 million to AU$225 million.

The source describes Tabcorp's portfolio as spanning sports betting, media and integrity services. It lists TAB, which it calls Australia's largest multi-channel wagering brand with retail and online betting, and Sky Racing, which it says broadcasts more than 150,000 races live each year.

What is not disclosed

The material reviewed is a financial summary. It does not cover responsible gambling measures, customer numbers, complaints or regulatory conditions attached to the Victorian licence. Readers seeking those details would need to consult the full annual report and the relevant regulators.

Tabcorp's business is licensed wagering. Online casino-style services remain prohibited for Australian-based customers under the Interactive Gambling Act 2001, and nothing in this report concerns offshore casino sites.