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Silvia Pavlof October 10, 2022 3 min read
Tabcorp to Acquire 20% Stake in Social Sportsbook Dabble
The largest gambling company in Australia, Tabcorp Holdings Limited, is going to invest in online sports and racing bookmaker Dabble Sports Pty Ltd.
Tabcorp to Acquire 20% Stake in Sportsbook Dabble
Tabcorp has decided to make a strategic investment in the trending social sportsbook Dabble. The company is going to buy a 20% stake in Dabble for AUD 33 million ($20.8 million). With this move, Tabcorp will also be able to appoint one member of the board of directors of Dabble.
Before finalizing the deal, the stake acquisition has to be approved by Australia’s Northern Territory Racing Commission. The director that Tabcorp appoints will also be subject to integrity approval from the Commission.
Tabcorp CEO and managing director Adam Rytenskild have explained why the company is making its strategic investment 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.”
Dabble does not offer its customers only sports betting mobile applications. It is also a social platform that is building a community around the sports wagering experience.
Ever since its founding in 2020, Dabble has been one of the fastest-growing sportsbooks in Australia. The company has succeeded in acquiring 150,000 customers and has been reporting record revenues.
Due to its innovative approach to sports betting, Dabble has managed to attract younger audiences, which make up about 80% of all of its customers.
Tabcorp is trying to tap exactly into this younger customer segment and wants to have access to Dabble’s innovative technology. This is part of the company’s long-term growth strategy, which will help it acquire a bigger share of the digital gambling market.
The Dabble Investment Comes after the Launch of Tabcorp’s New App
The Tabcorp mobile application went through a serious revamp in September with the new app being faster and sporting a much better UX and UI.
Numbers have also shown an improved performance with an 11% increase in the number of active customers on the app on a weekly basis.
The app brings Tabcorp one step closer to its strategic goal of molding its brand into a distinguished and unique sports betting provider.
The Tabcorp app is developed with the help of Google’s Flutter open-source software, which allows for ongoing regular updates and improvements.