Tabcorp 2020 Lexus Melbourne Cup
3 November 2020
COVID-19 restrictions may have made this a very different Lexus Melbourne Cup, but millions of Australians once again made a date with play at the home of Australian betting, TAB.
TAB doors only re-opened in Melbourne last week under COVID-safe protocols, and Flemington didn’t have its customary 100,000 on course to cheer home Twilight Payment who started $26 with TAB.
However, based on preliminary figures there was circa $100 million wagered with TAB on today’s Melbourne Cup race, down 6% on last year, made up of:
- $28 million in Victoria, down 17.7% on last year; and
- $72 million in other states and territories (excluding WA), in line with last year.
Tabcorp’s MD Wagering & Media Adam Rytenskild said: “It was a Lexus Melbourne Cup like no other, but I’m proud of the way TAB team stood up to deliver a great experience for our customers. I want to pay tribute to the hotels, clubs and TAB agents for managing such a difficult day so well and allowing punters to rediscover the joy of their local TAB. We also acknowledge that many racing fans and those who care for Anthony Van Dyck will be saddened by his loss following the race.
“COVID-19 has accelerated a shift to digital betting this year, TAB customer engagement and digital growth was strong and pleasingly as at 5pm the number of new account customers signed today was up 70% on last year.
“We continue to give our customers a unique experience, with TAB the only wagering app to show live vision of the four days at Flemington this week. We also launched the Cup Hub which offered engaging markets for both the once-a-year and seasoned punter.
“The Melbourne Cup may be the race that stopped the nation, but the big events continue. Tomorrow we have the NRL State of Origin, while the US presidential election will be the poll that captivates the world and betting interest has been strong.”
NOTE: It should be noted that many factors influence racing turnover and figures from a single race or meeting should not be extrapolated to draw conclusions about broader wagering performance.
In the first quarter of FY21, revenues in Tabcorp’s Wagering & Media business were up 2.9% on the pcp, despite the decline in retail and reduced net yields. Wagering account revenue was up 47% in that period.