Against the odds: Betting stocks struggle despite Australia’s gambling obsession

We lose more on gambling, per head of population, than any other nation in the world.

Australia’s major wagering stocks are struggling on the ASX despite the beginning of peak punting season.Tribeca Investment Partners fund manager Jun Bei Lui is hopeful that the fortunes of the betting sector on the ASX may improve in coming weeks as spring betting season gets underway. Industry giant and stalwart Tabcorp, which had brief aspirations of cracking the UK and the US market in 2018, is in an entirely different positionThe company recently de-merged its highly profitable lotteries business into a new entity after knocking back a $3.5 billion takeover approach from Entain.

On Wednesday Tabcorp unveiled a long-awaited app for the green giant’s 783,000 active punters. The app has made it 9 seconds faster to place a bet, incorporated racing and sports vision to betting slips and other technology improvements. The group has also committed to integrating a same-race multi offering and social betting platform before Christmas, following in the footsteps of Sportsbet and Ladbrokes’s socially geared sites.

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