Australia's Tabcorp Holdings hits 3-week high on sale of eBet business

EBET

20/09/2022 02:27

** Shares of Tabcorp Holdings Ltd  TAH.AX  rise as much as
2.05% to A$0.995, highest since Aug 30
    ** The gambling platform operator enters into an agreement
to sell eBet business to Venue Digital Technology Pty Ltd (https://bit.ly/3f3Fr5Q)
    ** Says sale of business for A$62 million ($41.68 million)
in cash 
    ** Says sale is expected to result in a pre-tax gain of
about A$39 million on completion
    ** Co says sale is targeted for completion by the end of 1H
FY 23 
    ** eBet is a supplier of loyalty and tracking systems to
gaming venues in Victoria and New South Wales
    ** eBet generates EBITDA of A$4.4 million and EBIT loss of
$2 million in FY22
    ** Stock has risen 2.1% this year as of last close 

    


($1 = 1.4874 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))