Tabcorp has reported a $1.36 billion loss for the last financial year

Australia’s largest betting agency, Tabcorp, hasa $1.36 billion net loss (after tax) for the 2023/24 financial year.

The gambling giant said the results reflect “softer wagering market conditions” due to pressures caused by current high inflation and interest rates.

Tabcorp recorded $2.3 billion in revenue, down 3.9% on the previous year. Revenue is the total income a company earns from selling its products or services.

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Tabcorp’s loss comes amid calls for the Federal Governmentto commit to.

In June 2023, a federal inquiry into gambling harms made 31 recommendations. It proposed a phased ban of all TV, radio, and online gambling ads within three years.

It’s expected the Government will introduce legislation to restrict TV gambling ads, not a total ban.