UPDATE 1-Bally Technologies Q3 profit flat

* Q3 EPS falt as better cost-control offsets rev decline

* Q3 rev falls 11 pct

* Narrows 2009 profit outlook

May 7 (Reuters) - Casino-game maker Bally Technologies Inc (BYI.N)posted a flat third-quarter profit that matched analyst estimates, but lowered the upper end of its 2009 profit outlook range, citing a sluggish North American slot replacement market and a weak economy. The company now expects 2009 earnings of $2.15 to $2.25 a share, compared with its earlier view of $2.15 to $2.35 a share.

For the quarter ended March 31, the company, which makes casino management systems and gaming devices such as slot machines, posted a profit of $29.3 million, or 52 cents a share, compared with $30.2 million, or 52 cents a share, last year.

Revenue came in at $208 million.

Analysts on average were expecting earnings of 52 cents a share, before special items, on revenue of $223.9 million, according to Reuters Estimates.

Shares of the Las Vegas-based company, which competes with WMS Industries Inc (WMS.N), International Game Technology (IGT.N) and Shuffle Master Inc (SHFL.O), closed at $28.52 on the New York Stock Exchange. (Reporting by Mihir Dalal in Bangalore; Editing by Jarshad Kakkrakandy)