Tabcorp Holdings Limited, the largest gambling company in Australia, has agreed to acquire 20% of the racing and online sports bookmaker, Dabble Sports Pty Ltd. Tabcorp will buy 20% of the stake for AUD 33 million. In addition, Tabcorp will also have the right to appoint one director to the Dabble board.
But, before the deal can be concluded, the Northern Territory Racing Commission of Australia has to approve it. The Racing Commission has to also approve the director appointed by Tabcorp.
Dabble has been among the fastest-growing sportsbook in Australia since its inception in 2020. Subsequently, the company boasted around 150,000 users and recorded huge revenues.
Besides their mobile sports betting app, they are also a social platform that aims to build a community based on the sports wagering experience.
Adam Rytenskild, the CEO and managing director of Tabcorp explained why they were investing in Dabble: “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.”
The investment in Dabble has come after Tabcorp launched its new application. In September, the company remodelled their application to be faster and sport much better UI and UX.
With this overhaul, the company also recorded an 11% increase in active customers on their app weekly.
The Tabcorp app also brought them closer to achieving their target as a distinguished sports betting provider. In addition, with their app being developed with Google’s Flutter, this translates to regular improvements and updates.
This investment by Tabcorp has also been seen as a win-win situation for both firms, as it can tap into Dabble’s innovative product capabilities and its young customer segment.
In addition, it hopes this investment will allow them to grow their digital market share. This is based on their larger strategy of acquiring a significant share of the online gambling market.
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