Tabcorp is pledged to invest $33m (EUR21m) to Dabble Sports Dabble Sports, an Australian company that is aiming to create the most socially responsive betting platform.
The deal will allow Tabcorp acquire an "20% equity interest" in Dabble's commercial development and the ASX group allowed to choose an executive director to Dabble's start-up board.
In 2020, Dabble was established in 2020 by Tom Roundle (CEO) along with Jonathan Robin (CSO), Dabble has developed and launched a mobile application designed for the modern sports fan and allows users to copy and share bets as well as track the performance of punters.
Since its inception, Dabble has garnered more than 150,000 users and revealed in June that they had reported a quarter-long annualized revenue of AU$47m.
The investment is one of the initial investments in strategic direction by the new Tabcorp Chief Executive Officer Adam Rytenskild, who declared: "Dabble is one of the most original and innovative gambling brands, that we have invested in. It aligns perfectly with our strategy for transformation. Dabble is our stake. Dabble will allow us to be exposed to the latest product capabilities and, ultimately, a more youthful customer base.
"The investment is accompanied by the brand new TAB app now up and running and just as we stated. The app's launch has seen immediate results on the customers' experience, and has resulted in an increase of 11% for weekly active customers as compared with the 6 weeks before the launch."
Tabcorp highlighted Dabble's potential to attract and capture the attention of a younger segment for betting on sports and both companies are determined to "explore opportunities to create win-win innovations and growth".
Important milestones in the venture have resulted in Dabble become the second-most downloaded Australian sports betting application in April 2022. It has outperformed the similar apps TAB, PointsBet, Bet365, BlueBet and Entain (Ladbrokes and Neds).
Dabble Chief Executive Officer Tom Rundle commented: "We're thrilled to be partnering with Tabcorp due to their new direction and energy, and we look forward to expanding Dabble even more.
"TAB is synonymous with punting in Australia and our brands will complement each other so that Dabble can continue to expand its evolutionary social betting experience to more punters."