Higher wagering revenues and lower costs have helped Tabcorp deliver a 26 per cent jump in profit for the first half of the year, the first time it has met expectations since it demerged its lotteries business three years ago.

The wagering giant attributed the higher revenues – an 11 per cent increase to $1.3 billion for the six months to December 31 – to a new betting licence in Victoria. The change reduced the fees that Tabcorp had to pay on wagering, and increased taxes across the entire sector including at its major rivals, global bookmakers Sportsbet and Entain, owner of Ladbrokes.