Tabcorp Holdings Ltd

TAH: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$2.50	Lcf	Mfwzlpwcx

Tabcorp Lacks an Economic Moat as Digital Competition Remains Intense

Angus Hewitt

Dec 19, 2023

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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