Gaming giants hit by NSW greyhound racing ban

Shares in wagering giant Tabcorp have slumped after NSW announced an end to greyhound racing in the state.

Greyhounds racing at Wentworth Park in Sydney.

Australian wagering giant Tabcorp’s shares have slumped after New South Wales announced an end to greyhound racing in the state.

Tabcorp (TAH) told its investors that NSW greyhound racing represented 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,” the company said.

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

Shares in Tabcorp closed down 4.36 per cent at $4.39, while Tatts (TTS) was flat at $3.81 after rebounding from earlier losses of 1.5 per cent.

A NSW Special Commission of Inquiry, led by Michael McHugh, found one-fifth of all greyhound trainers engaged in live baiting and 180 greyhounds sustain “catastrophic injuries” during races each year.

It is unclear how many jobs will be affected by the decision, which will come into effect on July 1 next year.

NSW Premier Mike Baird said there was “no acceptable course of action except to close the industry down”.

The government will release more details about its plans to shut the industry later this year, with expectations it will focus on a welfare plan for existing racing dogs and an “adjustment package” for industry operators.

Victoria says it has no plans to ban greyhound racing in the state.