British startup's huge loss casts doubt over Tabcorp's growth strategy

Sydney

AUSTRALIA'S largest betting company, Tabcorp Holdings Ltd, on Thursday revealed steeper-than-expected losses at its British online betting startup, casting doubt over a key plank of its growth strategy.

Alongside Tabcorp's A$6.2 billion (S$6.7 billion) bid for lotteries group Tatts Group, the Sun Bets start-up is key to Tabcorp's efforts to cut its exposure to Australian betting as international rivals erode its market share.

But Tabcorp said in a filing to the stock exchange that Sun Bets, its biggest venture outside Australia, had made a A$21.3 million loss before inter…