Australian wagering giant Tabcorp is set to hold a special meeting to allow its shareholders to vote on a scheme of arrangement for the proposed demerger of its lottery business.

Tabcorp has lost its exclusivity to run Keno in the Australian state of Victoria, but under its new license will be able to offer the game through digital as well as retail channels.

Australia-listed Tabcorp said its wagering arm was heavily impacted by Covid-19 related retail closures and increased digital marketing and promotional spend during the six months ended December 31, 2022. 

Australian wagering giant Tabcorp has been issued a formal warning for accepting 37 illegal online in-play bets in January.

Tabcorp announced its proposed executive and board lineup for its Lotteries & Keno and its Wagering & Gaming businesses.

Australia's Tabcorp said it has received all approvals for the appointment of former Galaxy Entertainment Director Janette Kendall as non-executive director.

Tabcorp reported strong operational results in the FY21 full year, driven by record profits in lottery and improved performance from its wagering and media arm.

Tabcorp's lotteries and Keno division may be worth between $9.4 billion and $12.4 billion, dwarfing the value of its wagering and media division, which is seen as facing multiple headwinds, according to analysts at J.P. Morgan.

The chairman of Tabcorp has told media that his decision to take the helm of the company's lotteries entity does not have to do with a lack of confidence in Tabcorp's wagering and media arm

Australia's largest gambling operator Tabcorp is signalling that it is open to higher takeover bids for its wagering division, after rejecting multiple earlier proposals.