Tabcorp Holdings Ltd

TAH: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$5.11	Zxmml	Mnwfmjcv

Tabcorp's Market Share Looks to Be Stabilizing After Prolonged Decline

Angus Hewitt

Feb 22, 2024

Business Strategy and Outlook

We expect Tabcorp will remain unparalleled in physical wagering—stringent regulatory licensing requirements create barriers to entry to compete with Tabcorp's retail locations, such as racing venues, pubs, and TAB agencies. However, the pari-mutuel model is in decline as punters increasingly choose fixed-odds betting, and technological change means geographic exclusivity no longer translates to a monopoly.

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