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A two-year-old sports betting app with social media features that have made it popular with a younger clientele is receiving a $33 million investment from Tabcorp in exchange for a 20 per cent share.
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”.
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“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.”
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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.
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As of the June quarter, Dabble had annualised revenue of $47 million, Tabc orp said.
Tabcorp said the launch of its TAB app last month resulted in an 11 per cent increase in active weekly customers compared to the six weeks prior to its introduction.
With AAP. (Content has been tweaked for length and style.)
Jaw de Guzman is the content producer for Comms Room, a knowledge platform and website aimed at assisting the communications industry and its professionals.
