Tabcorp’s bet on the future

Tabcorp (ASX:TAH) shares plummeted over 20% on Wednesday after the company announced a significant non-cash impairment charge of $1.37 billion for its wagering business. This write-down, which is more than double the size of a similar impairment in February, reflects the challenges facing the gambling industry in Australia.

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Tabcorp’s revenue woes predict weak racing seasons

High-interest rates, rising mortgage costs, and inflation have combined to take a significant toll on the gaming market, foreshadowing weak racing seasons in Sydney and Melbourne over the next month. This comes after Tabcorp surprised investors with a rare trading update that revealed a decline in revenues across its divisions during the first three months of the new financial year.

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