$2.64B Revenue. $431.7M EBITDA. Tabcorp’s Next Growth Chapter Under Brett Chenoweth, Gillon McLachlan & Mark Howell.
Tabcorp’s FY26 results show a company grinding out growth while placing bigger bets on its future. For the year to 30 June 2026, the wagering and media group lifted revenue 0.8% to $2,636.3m and grew statutory net profit after tax 26.5% to $46.3m. It raised the full-year dividend by half, secured an industry deal on a National Tote, and – subsequent to year-end on 10 August 2026 – agreed to buy technology supplier BetMakers for $283m. The through-line is control: of costs, of the tote, and of the technology underneath the business.
Tabcorp FY26 results: profit up, dividend up, costs held flat
Start with the money. Group revenue edged up 0.8% to $2,636.3m, helped by the full 12-month benefit of the reformed Victorian licence. Statutory NPAT rose to $46.3m; on a before-significant-items basis, profit climbed 43.6% to $71.1m. EBITDA before significant items grew 10.3% to $431.7m, with the margin widening 140 basis points to 16.4% – the payoff from holding operating costs almost flat at $700.7m.
Return on invested capital improved 240 basis points to 12.0%, and reported leverage fell to 1.2x. Tabcorp declared full-year dividends of 3.0 cents per share unfranked, a 50% jump on FY25. It also strengthened the balance sheet, issuing $300m of medium-term notes and extending its $980m syndicated loan facility, leaving roughly $1.2bn in undrawn debt and cash on hand.
TAB’s wagering engine leans on sport as racing softens
The core division did the heavy lifting. Wagering and Media revenue rose 0.7% to $2,454.7m, with EBITDA before significant items up 9.9% to $361.8m and EBIT up 13.7%. TAB’s domestic turnover grew 0.9%, but the mix tells the real story: racing turnover slipped 1.1% while sport jumped 8.3%. Digital domestic wagering revenue was broadly flat at $1,072.8m; cash wagering, including retail, rose 1.6% to $981.2m.
Not everything ran hot. International wagering revenue fell 3.7% to $223.7m, dragged down by softer trading in Hong Kong. Media revenue, though, rose 1.9% to $377.8m on strong international content exports through SKY.
MAX keeps Tabcorp’s gaming monitoring business humming
Tabcorp’s quieter engine had a strong year. Integrity Services – the MAX gaming-machine monitoring business – grew revenue 3.3% to $181.6m, with EBITDA up 12.0% and EBIT up 34.1%. The gains came from CPI-linked fee increases, more project work, and a modest rise in monitored electronic gaming machines to 127,600 across New South Wales, Queensland, Tasmania and the Northern Territory.
TAB Live and the National Tote reshape Tabcorp’s product
Beyond the numbers, FY26 was about reshaping the product. TAB Live, a digitally integrated in-play betting product exclusive to venues, launched after regulatory clearance and is now running in more than 100 sites, with a wider rollout planned for FY27. In July 2026, Tabcorp secured stakeholder agreement to build a single National Tote, merging Australia’s three main pools – NSWTAB, SuperTAB and UNITAB – with a launch targeted during the 2026 Spring Racing Carnival, subject to remaining regulatory approvals.
Retail got a structural overhaul too. Tabcorp implemented the first phase of a new commercial model in July 2025 and moved to phase two a year later, keeping more than 3,300 venues on board – 97% of prior-network turnover. It has also begun rolling out next-generation betting terminals, with plans for more than 10,000 across the network over two to three years.
The AUSTRAC investigation hanging over the wagering operator
The year wasn’t clean. Tabcorp disclosed that AUSTRAC, the financial-crime regulator, commenced an enforcement investigation in May 2026 over concerns about the company’s ability to identify and manage money-laundering and terrorism-financing risks. The matter is at an early stage and AUSTRAC has not advised what action, if any, it may take. Separately, Tabcorp received penalties from the ACMA over historical breaches of customer communications and marketing rules and entered into enforceable undertakings.
The company’s response was to build. It appointed Paul Jevtovic – a former AUSTRAC chief executive – as its first Chief Financial Crime Officer, named Joel Williams as Chief Risk Officer, and kicked off a multi-year risk transformation programme. The message to regulators is that the fix is already underway.
Why Tabcorp bought BetMakers – the B2B wagering play
The biggest strategic move landed just after the books closed. On 10 August 2026, Tabcorp agreed to acquire BetMakers Technology Group (ASX: BET) for an equity value of $283m ($0.24 per share, representing an enterprise value of $267m). BetMakers is a B2B specialist – tote technology, data, racing content and betting software across Australia, Asia, Europe, the UK and the Americas. Tabcorp is targeting $30m in cost synergies by year two, plus revenue upside, and expects the deal to lift earnings per share from year two. Completion is targeted for the third quarter of FY27, subject to shareholder, court, ACCC and gaming-authority approvals.
What Does Tabcorp’s FY26 Mean for the Wagering Market?
FY26 shows an operator trying to move from turnaround to offence – stronger margins, a fatter dividend, and two structural plays (the National Tote and the BetMakers deal) that could reshape how Australian wagering technology and pooling work. For rivals and platform suppliers, the signal is that Tabcorp wants to own more of the value chain, not just compete in it, while regulators keep a close eye on how it runs. The takeaway: the numbers bought Tabcorp room to be ambitious, but the AUSTRAC investigation is the one variable that could still decide how much of that ambition it gets to keep.
Source: Tabcorp
