Tabcorp shares plunge on greyhound ban

OUCH. The NSW government’s shock decision to ban greyhound racing has made some people very happy, but Tabcorp is taking a battering.

NSW is banning greyhound racing.

TABCORP is going to the dogs.

Shares in the betting giant have plummeted more than six per cent on news that New South Wales will ban greyhound racing.

Just before 1300 AEST, Tabcorp shares were down 28 cents to $4.31. The share price plunge came immediately after the NSW government announcement just before midday.

In a statement, Tabcorp said greyhound racing represents around five per cent of its total wagering turnover.

“However, Tabcorp expects a significant level of substitution will occur to other wagering product, such as thoroughbred racing, harness racing, sport and animated racing,” it said.

“Tabcorp’s media business, Sky Racing, will work with other Australian and international racing industry bodies to source alternative racing product.”

Down is good, right?