In Australia and prominent bookmaker Tabcorp Holdings Limited has announced that it is to pay approximately $21 million in order to acquire a 20% stake in socialized digital wagering platform compatriot Dabble Sports Proprietary Limited.
The Melbourne-headquartered firm used an official press release (pdf) to declare that the fully diluted investment remains ‘subject to customary conditions’ including approval from the Northern Territory Racing Commission and will eventually entitle it to appoint a director to the innovator’s board ‘subject to probity approval.’
Tabcorp Holdings Limited is responsible for Australia’s TAB multi-channel sportsbetting platform and described Dabble Sports Proprietary Limited as ‘one of the fastest growing wagering brands in Australia’ that recently racked up second-quarter annualized revenues of about $29.6 million via a customer base containing over 150,000 punters. The operator also stated that the enterprise ‘offers an innovative socialized betting experience’ and has ‘a younger audience’ accounting for more than 80% of its business.
Adam Rytenskild serves as the Managing Director and Chief Executive Officer for Tabcorp Holdings Limited and he used the press release to proclaim that the investment will allow his firm to grow its ‘digital market share’ and simultaneously gain exposure to the ‘innovative product capability and strength in the younger customer segment’ offered by Dabble Sports Proprietary Limited. The experience figure moreover declared that the arrangement follows his company’s September sale of its non-core eBet-branded business for approximately $41.5 million and is to now allow the pair to ‘explore opportunities to create win-win innovation and growth.’
Read a statement from Rytenskild…
“We are transforming our company with a clear strategy and united ambition to grow digital market share. Dabble Sports Proprietary Limited is one of the most unique and innovative wagering brands and our investment today fits perfectly with our transformation agenda and will give us exposure to innovative product capability and ultimately to a younger customer base.”
This move from Tabcorp Holdings Limited was revealed at the same time as the Victorian firm explained that it has inked a three-year alliance with the Australian Turf Club (ATC) to remain as the naming rights sponsor for the richest thoroughbred horseracing extravaganza in Australia. The company used a second release to divulge that this understanding will involve the Everest Race Day meet from the Royal Randwick Racecourse in Sydney be branded under the TAB Everest Race Day moniker and see its TAB platform remain as the partner’s official wagering partner.
A statement from Rytenskild read…
“We’re thrilled to become naming rights partner for the TAB Everest Race Day and to extend our agreement as the ATC’s official wagering partner. The TAB Everest Race Day 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.”