Tabcorp seeks exit from Sun Bets venture

Australia’s Tabcorp has begun talks with News UK over pulling out of their Sun Bets joint gambling venture.

First announced in December 2015, Tabcorp had linked up with the newspaper publisher with the idea of launching Sun Bets with News UK title The Sun.

However, despite going live, the venture has so far underperformed and Tabcorp could now move away from the business.

Last year, Tabcorp said it was to undertake a strategic review of the business after being hit by challenging trading conditions.

Tabcorp in February also reported a 58.2% drop in first half statutory net profit after tax (NPAT) to Aus$24.6m (€15.8m/US$18.7m), while NPAT before significant items was also down 20.2% to Aus$82m.

“Discussions remain ongoing and an agreement has not been reached at this stage,” Tabcorp said in a statement published by Reuters.

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