Tabcorp’s first half revenue slid 5 per cent to $1.2 billion and group earnings fell 14 per cent to $170 million figures that reflect the broader challenges facing the Australian wagering market.

Tabcorp Holdings reported a $636.8 million loss for the first half of FY24 due to a significant cash impairment in its wagering and media business, driven by reduced gambling activity and higher tax rates.

Revenue from the major segment fell 4% to $1.1 billion, with EBITDA dropping 13% to $134 million. Tabcorp plans to fund the initial $600 million betting license for Victoria through its existing debt facility and announced a fully franked interim dividend of 1 cent per share.

Tabcorp chief executive Adam Rytenskild said “We haven’t impaired Queensland, we haven’t impaired Victoria. If we had a level playing field in NSW and South Australia, we probably wouldn’t have needed to take that impairment,” In NSW and SA, Tabcorp pays about double the amount in taxes than any of its online bookmaking rivals.