Australian sports betting is growing at a measurable pace relative to racing, according to Tabcorp's H1 FY2026 results covering July to December 2025. Sports wagering turnover reached AU$1.44 billion over that period, up 6.9% year-on-year. Racing turnover was AU$5.73 billion, down 1.2%. The shift has been consistent: racing's share of total Tabcorp wagering has fallen from 83.3% in H1 FY24 to 81.1% in H1 FY25 to 79.9% in H1 FY26.
Tabcorp's overall wagering revenue was up 1% year-on-year despite active digital users falling 4.4% to 766,000. That combination suggests the remaining active users are wagering more per head, consistent with the broader market trend toward multi-bet formats and same-game multis that carry higher average stakes.
AFL 2026 Season Markets
The 2026 AFL season opened in March and is now in Round 5, with all 18 teams involved in Gather Round in April. Premiership betting at Sportsbet has Brisbane Lions as favourites at $4.50, followed by Sydney Swans at $6.00, Hawthorn at $8.00, and Fremantle and Western Bulldogs both at $9.00. The TAB's win total market set Brisbane and Geelong at 15.5 wins each, the highest projections in the league, with West Coast at 3.5 and Richmond at 4.5 at the other end.
Round 4 results showed underdogs covered 5 of 8 games, with scoring running above expectations across many matches. Geelong opened as a $1.07 favourite over West Coast in Round 5, the most extreme line of the round, reflecting the gap between the top and bottom of the competition this season.
NRL Las Vegas and Season Wagering
The 2026 NRL season opened in Las Vegas on approximately 1 March 2026 with three games. The Las Vegas event drew an attendance of 45,719, up 1% on 2025's 45,209 and approximately 11% above 2024. An estimated 10,000 to 12,000 English fans attended. Australian TV coverage reached 2.1 million viewers on Fox Sports, up 7% on the prior year's 2 million. The Knights v Cowboys match was the second-most-watched exclusive Fox Sports match of all time.
The NRL's Las Vegas venture has delivered a reported $2 million profit across its first three years of a five-year commitment. The league's total 2025 annual revenue reached a record AU$845.6 million, up 10% year-on-year, supported by 12.1 million fans and a product fee model that ties operator revenue directly to wagering turnover on NRL events.
What This Means for Punters
The shift from racing to sports betting is reflected in the range of markets now available each week. AFL and NRL matches carry extensive same-game multi options, player prop markets, and in-venue in-play options that weren't widely available five years ago. More operators competing for sports betting revenue generally means sharper odds and more frequent promotions during the AFL and NRL seasons. Comparing head-to-head odds across at least two bookmakers before placing any sports bet is worth doing, as margins in sports markets vary more than in racing.