AAP Finance

Tabcorp invests $33m in social betting app

By AAP Newswire

Oct 10, 2022

Tabcorp is investing $33 million to take a 20 per cent stake in a two-year-old sports betting app with social media features that have made it popular with a younger demographic.

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Launched in May 2020, Dabble has more than 150,000 customers who are able to copy each other's bets, follow punters, comment on wagers and chat in public "banter channels".

"Dabble is one of the most unique and innovative wagering brands and our investment today fits perfectly with our transformation agenda," managing director and chief executive Adam Rytenskild said.

"Our stake in Dabble will give us exposure to innovative product capability and ultimately to a younger customer base."

Dabble has a team of more than 40 staff working in offices across Australia.

Chief executive Tom Rundle, a former executive with CrownBet and PointsBet, said the brands complimented each other.

As of the June quarter, Dabble had annualised revenue of $47 million, Tabcorp said.

Tabcorp said the launch of its TAB app last month had resulted in an 11 per cent increase in weekly customers.

By AAP Newswire

Australian Associated Press