Tabcorp is appealing a judge's decision that blocked it from being compensated $686.8 million for the expiration of its rights to operate poker machines in Victoria.
Tabcorp lost a Supreme Court battle in June to get state government compensation after it and fellow gaming outfit Tatts lost their duopoly over the operation of poker machines outside of Melbourne's Crown casino.
At the time, the court ruled that the Victorian government would have to pay Tatt's $540 million.
But judge Kim Hargrave rejected Tabcorp's claim for $686.8 million.
Tabcorp on Thursday lodged an appeal against the judgment.
"Tabcorp's claim is that the state of Victoria was obliged to make the payment to Tabcorp in August 2012, when Tabcorp's gaming and wagering licences expired and new licences were granted," the company said in a statement.
"The claim is based on a statutory provision included in legislation from 1994 when the State privatised the Victorian TAB and listed Tabcorp on the Australian Securities Exchange."
Tatts and Tabcorp lost their duopoly in August 2012, with poker machines in Victoria now operated by clubs and pubs.
The companies launched legal action in late 2012, with Tabcorp seeking $686.8 million from the government and Tatts at least $490 million.
Justice Hargrave dismissed Tabcorp's claim but awarded Tatts $451 million plus interest.
Tabcorp had argued that when the government privatised the Victorian TAB and listed Tabcorp on the share market in 1994, it enacted a law that guaranteed Tabcorp a payment when its 18-year licence expired.
Tabcorp's shares closed one cent higher at $3.36 while Tatts added four cents to $3.45.
