Australian racing and sports betting company Tabcorp recently announced it invested $21 million for a 20 percent equity interest in the social digital wagering platform Dabble Sports Pty Ltd. Tabcorp also will have the right to name a director to Dabble’s board, subject to Northern Territory Racing Commission approval.
Founded in 2020, Dabble is one of the fastest-growing wagering brands in Australia, with more than 150,000 customers, 80 percent of whom are younger players. Its June 2022 quarterly annualized revenue was $30 million.
Tabcorp Managing Director and Chief Executive Officer Adam Rytenskild noted, “We are transforming our company, with a clear strategy and united ambition to grow digital market share. 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.”
Rytenskild said the new TAB app recently went live and immediately delivered an 11 percent increase in weekly active customers, compared to six weeks prior to its launch.