TV betting taking off for Two Way
Australian interactive TV betting technology company, Two Way Limited, has released data suggesting that betting via the TV is starting to take off on the gambling-addicted continent. Receipts from customers for 3Q (to end-September) stood at A$327,000, up 17% on the prior quarter.
Two Way’s wagering service, known as TAB Active, is available to Foxtel and Optus TV subscribers in two of the country’s major states – Victoria and New South Wales. By the end of September, over 16,000 Tabcorp account holders had placed at least one bet via the service, a 14% increase for the quarter.
Nearly 4.8 million bets have now been placed in total with more than 1.2 million in the September quarter alone, a 21% on the previous quarter. Average number of bets per day, at 13,000, grew by 19%. The average bet size for the quarter was A$8.32.
But one piece of bad news for Two Way. With Foxtel terminating the Two Way interactive TV games service on June 30, games subscription receipts declined by 29% on the previous quarter. However, the company said, Sky New Zealand games receipts were up by 15% after a successful telemarketing campaign which saw almost 2,500 new subs. Further marketing initiatives are planned for the games services on both Sky New Zealand and Austar.
Two Way recently concluded a rights issue, raising A$1.1 million. Funds raised will be used for working capital. For the quarter, Two Way had a netoperating cash flow of negative A$371,000.