Tabcorp, a prominent Australian gambling and entertainment company, has announced its strategic investment in Dabble, a social betting platform. The agreement allows Tabcorp to purchase a stake in Dabble and appoint a director to the Dabble board. With over 150,000 customers and $47.0m in annualized revenue as of June 2022, Dabble offers a unique and innovative wagering experience. This investment aligns with Tabcorp’s strategy to grow its digital market share and tap into the younger customer segment. Both companies plan to explore opportunities for innovation and mutually beneficial growth.
Unlocking Synergies and Expanding Market Reach:
Tabcorp’s investment in Dabble provides the company with exposure to Dabble’s product capabilities and a foothold in the younger customer segment. By joining forces, the two entities aim to create “win-win” opportunities for innovation and growth. Tabcorp’s decision to invest in Dabble follows its recent announcement to sell its eBet business for $62.0m, further emphasizing its commitment to digital expansion. The investment is subject to customary conditions, including approval from the Northern Territory Racing Commission.
Tabcorp’s Transformation Agenda:
Adam Rytenskild, CEO and Managing Director of Tabcorp, highlights the company’s ongoing transformation and strategic focus on growing its digital market share. The investment in Dabble aligns perfectly with Tabcorp’s transformation agenda, allowing the company to leverage Dabble’s unique product capabilities. Moreover, the partnership provides access to a younger customer base, which is crucial for sustained growth in the rapidly evolving gambling industry. Tabcorp’s recent launch of the Tab app has already had a positive impact, attracting an 11% increase in weekly active customers compared to the pre-launch period.
Dabble’s Evolutionary Social Betting Experience:
Dabble CEO Tom Rundle expresses excitement about partnering with Tabcorp, citing the company’s new energy and direction. The collaboration between Dabble and Tabcorp aims to further expand Dabble’s evolutionary social betting experience, catering to a broader range of punters. The brands of both companies are expected to complement each other, creating a synergistic environment that enhances the betting experience for customers. By combining resources and expertise, Dabble and Tabcorp can tap into new markets and drive innovation in the industry.
Tabcorp’s strategic investment in Dabble represents a significant step in its digital transformation journey and pursuit of increased market share. By acquiring a stake in Dabble, Tabcorp gains access to innovative product capabilities and a younger customer base. This investment aligns with Tabcorp’s strategic objectives and follows the recent launch of the Tab app, which has already yielded positive results. The partnership between Tabcorp and Dabble aims to unlock synergies, foster innovation, and expand the reach of Dabble’s evolutionary social betting experience. With both companies committed to growth and customer satisfaction, the collaboration sets the stage for a promising future in the Australian gambling industry.