Wagering turnover for the month reached NZ$197.3m (£102.0m/€121.5m/US$124.2m), which was 3.9% or $8.1m below budget. Net profit amounted to $11.0m, some $1.7m below a budget of $12.7m, with betting profit $1.5m under budget at $9.3m and gaming profit also $200,000 off budget at $1.7m.
Tab NZ noted that operating expenses for the month were $200,000 below the initial budget of $10.0m, amounting to $9.6m. However, code distributions and other payments were $100,000 above budget at $13.2m.
The primary reason for missing budgets was consumers not spending as much as anticipated due to the rising cost of living in New Zealand. Retail and hospitality operated without capacity restrictions during the outbreak of the Omicron variant.
Starter numbers decreased across the three racing codes in April, May, and June, contributing to the variance in turnover. The TAB Stradbroke Handicap (G1) was the most popular racing event in June, attracting $411,000 in wagers. In sports, the clash between the Blues and Crusaders ranked first with $1.4m in turnover.
For financial year-to-date performance, net profit for the 11 months to the end of June was $141.1m, $3.4m below budget, while distributions were $5.3m above budget at $161.2m.
