The company launched its long-awaited wagering app during the final days of the September quarter. The app was launched in response to criticism that Tabcorp had not done enough to protect its turf as punters embrace online betting and foreign bookmakers.

Since launch the group’s weekly user base has increased by 16 per cent compared to the six weeks before launch. Rytenskild said on Wednesday the group had experienced its highest turnover in NSW history at the recent Everest horse racing carnival.

However, Goldman Sachs analysts recently downgraded Tabcorp to sell, stating that “early signs of market feedback from the release of the new app remains weak.”

News Corp-backed Betr has also timed its launch with the Everest and already found itself in hot water with the NSW regulator over a series of ads, which may have constituted as an illegal inducement to download its new app. Betr has complied with a show-cause notice issued by the watchdog after being granted an extension.

While some users have reported difficulties using Betr’s app over the racing season, both it and Tabcorp’s fledgling app will be put to the test at the biggest racing event of the year, the Melbourne Cup.

The Australian Shareholders Association, which holds approximately 2 million votes, questioned Tabcorp’s remuneration framework at the AGM on Wednesday, arguing it did not reflect the reduction of the size and complexity of the company since its demerger.

Despite being a significantly smaller company, Tabcorp’s chairman fee has been set at $493,000, an increase from $430,000 before the demerger. Akhurst defended the framework by saying executive remuneration needed to be competitive to secure good governance. The resolution on executive pay passed with 98 per cent of shareholders voting in favour of it.

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