Legalisation of Sports Betting in U.S. Unlikely to Benefit Tabcorp in the Near to Medium Term
While the impending legalisation of sports betting in the U.S. (outside of Nevada) is undoubtedly an exciting opportunity for local wagering giant Tabcorp, we believe this is not a near-term priority. Having only recently finalised the merger with Tatts, management will have its hands full integrating the two businesses for at least the next couple of years. The pressure is on Tabcorp to deliver the promised merger synergies and, as such, we believe an offshore expansion would be ill-timed. In a...Tabcorp Holdings is an Australian gambling entertainment company. Co. has three segments: Wagering and Media operations, which includes its network of TAB agencies, hotels and clubs, and on-course totalisators in Victoria, New South Wales and the Australian Capital Territory (ACT) as well as its Three Sky Racing television channels broadcasting thoroughbred, harness and greyhound racing and other sports; Gaming Services business, which consist of Tabcorp Gaming Solutions that provides a mix of gaming capabilities, services, advice and financing to licensed gaming venues; and Keno business, a random number game that is distributed to clubs, hotels and TABs and is available online in the ACT.
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