Wagering and keno firm Tabcorp will offer online betting during live sports events if the federal government makes it legal.
"Certainly if at some time in the future it was decided that that was legal, we would offer it as we would offer any other product that from time to time is legalised within the Australian gambling regulations," Tabcorp chief executive David Attenborough said on Thursday.
Currently, punters can bet on live sports events via the telephone or if they are in a retail wagering outlet. They are not allowed to do it over the internet.
However, Tabcorp said some corporate bookmakers are finding ways to get around the law.
Mr Attenborough said if changes are not going to be made, the federal government should make it absolutely clear that online betting during live sports events in Australia is currently illegal.
"The current situation is untenable and the federal government must act now to address it," he said.
Sports betting represents only 20 per cent of Tabcorp's wagering business - the other 80 per cent is racing - but it is an important growth area.
Mr Attenborough said that if Tabcorp's customers cannot legally access online live sports betting through Tabcorp, they would shift elsewhere.
Tabcorp also said on Thursday that it expects to launch its new online wagering and gaming business, Sun Bets, in the UK in the fourth quarter of fiscal 2016. Sun Bets is a joint venture with The Sun newspaper.
The UK's online gambling market is worth about $7 billion.
Sports betting accounts for about 70 per cent of wagering in the UK.
Tabcorp expects to provide detail on its expectations of the Sun Bets business when it releases its full-year financial results in August.
"It would be premature for me to give guidance on what we expect from that, but we are not going in there to dip our toe in the water," Mr Attenborough said.
Tabcorp on Thursday reported a net profit for the six months to December 31 of $81.9 million, down 33 per cent from $122.4 million a year earlier.
The result was affected by a $7.2 million hit related to AUSTRAC civil proceedings, and an $8.4 million hit from preparations for the launch of Sun Bets.
Also, in the prior corresponding period, Tabcorp received a one-off tax benefit of $31.5 million.
Excluding one-off items, Tabcorp's net profit was up 7.3 per cent at $97.5 million.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) began legal action against Tabcorp and its NSW and Victorian wagering businesses in July 2015 after assessing Tabcorp's compliance with anti-money-laundering and counter-terrorism financing provisions.
Tabcorp shares were 24 cents, or 5.31 per cent, lower at $4.28 at 1420 AEDT.
OptionsXpress market analyst Ben Le Brun said Tabcorp had missed market estimates on revenue and underlying profit.
ONE-OFF ITEMS PULL BACK TABCORP PROFIT
* First-half revenue up 2pc to $1.14b
* Net profit down 33pc to $81.9m
* Interim dividend of 12 cents per share, fully franked, up from 10 cents
Share
