Tabcorp expects FY20 EBITDA in a range of $990m -$1b, down from year-earlier $1.124b.
FY2020 NPAT is expected at $267m - $273 m, down from the year-earlier $396b.
Tabcorp's decision to slash at least $1 billion from the value of its wagering division is evidence the proportion of punters enjoying a flutter at their local TAB will never return to pre-pandemic levels, analysts say.
But the lotteries and wagering giant's forecast that its earnings for the 2020 financial year would fall by at least 31 per cent profit hit was not as bad as the market feared, lifting hopes its lotteries division can restore the group to earnings growth in 2021.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
