Tabcorp profits hit by Sun Bets launch

The launch of Sun Bets, the joint venture between Tabcorp and the publisher of The Sun, has been blamed in part for Tabcorp's profits falling in the first half of their financial year.

Net profit after tax of A$58.9 million (approx £32.25m) was down 28.1 per cent according to results released last week.

Sun Bets, which was launched in August 2016, recorded an Ebitda (earnings before interest, taxation, depreciation and amortisation) loss of A$21.3m and is expected to produce a further loss of approximately A$15m in the second half of the year.