Tabcorp Holdings Ltd

TAH: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	M	LOCK\|#<	LOCK\|&@%$<#

Wagering in Australia Is Highly Competitive, and Tabcorp Lacks an Economic Moat

Angus Hewitt

May 8, 2026

Business Strategy and Outlook

We expect Tabcorp to 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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Tabcorp Holdings Ltd

Wagering in Australia Is Highly Competitive, and Tabcorp Lacks an Economic Moat

Business Strategy and Outlook

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