June 7, 2018 / 11:41 PM / a year ago

Australia's Tabcorp in talks to exit underperforming Sun Bets

(Reuters) - Australia’s Tabcorp Holdings Ltd (TAH.AX) said it is in discussion with with News UK to exit underperforming wagering and gaming joint venture Sun Bets.

The horse-race gambling house had announced a strategic review of the business last year following challenging trading conditions.

The Sun Bets unit had recorded a core earnings loss of A$22.5 million ($17.1 million) in the first half.

Melbourne-based Tabcorp has started consultation with Sun Bets employees regarding the proposal, it said in a statement.

“Discussions remain ongoing and an agreement has not been reached at this stage,” Tabcorp said in a statement.

The firm reported a larger-than-expected dip in half-yearly profit in February as it struggled with online competition, triggering its biggest daily share price fall in five years.

Reporting by Aditya Soni in Bengaluru; Editing by Stephen Coates

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