What is cooking between these gambling companies – Tabcorp Holdings Limited (ASX: TAH) and Jumbo Interactive Limited (ASX: JIN)

Tabcorp Holdings Limited (Tabcorp) (ASX: TAH) has announced that its wholly owned subsidiary Tatts Online Pty Ltd had exercised in full its option with Jumbo Interactive Limited (ASX code: JIN) (Jumbo) to acquire approximately 3.5 million Jumbo shares at an exercise price of $2.37 per share. Tabcorp also sold approximately 2.9 million Jumbo shares to a group of institutional investors.

Tabcorp regards its holding in Jumbo to be of strategic significance and post the option exercise and sale transactions, has increased its shareholding in Jumbo from approximately 6.6m shares to approximately 7.2 million shares. The group now has 12.49% of Jumbo shares on issue post share issuance from the option exercise. Tabcorp has no current intention to sell any of its remaining shareholding in Jumbo.

Dated 27 October 2017, in an ASX release, Tabcorp announced that a strategic review of the business had commenced and that Sun Bets’ trading was challenged. And what has been reinforced in subsequent market announcements is that Sun Bets has remained under strategic review.

Tabcorp (TAH) traded at a market price of $4.580, up 2% on July 03, 2018 before market close, and has seen a performance change of 4.91% over the last 12 months. On the other hand, Jumbo slipped by 4%.


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