UPDATE 1-Shuffle Master Q2 profit up, shares rise

* Q2 profit up 50 pct

* Rev $45.3 mln

* Shares up 9 pct

June 9 (Reuters) - Shuffle Master Inc (SHFL.O), which makes gambling tables, slot machines and card shufflers, posted a 50 percent jump in quarterly profit, helped in part by higher lease and service revenue, sending its shares up nearly 9 percent.

For the quarter ended April 30, the company earned $4.6 million, or 9 cents a share, compared with $3.0 million, or 9 cents a share, a year earlier.

Latest quarter results included 5 cents a share for severance charges related to the retirement of the company's former CEO and the departure of a senior executive, 2 cents a share related to the gain on debt extinguishment, and 2 cents for discrete tax events.

Net sales fell 8 percent to $45.3 million.

Analysts were expecting earnings of 4 cents a share, before special items, on revenue of $43 million, according to Reuters Estimates.

The company, which competes with Elixir Gaming Technologies Inc (EGT.A), Bally Technologies Inc (BYI.N) and International Game Technology (IGT.N), said lease and service revenue rose nearly 7 percent to $20.5 million.

Shares of the Las Vegas-based company were trading at $5.02 after the bell. They closed at $4.61 Tuesday on Nasdaq. (Reporting by Amitha Rajan in Bangalore; Editing by Jarshad Kakkrakandy)