Gaming firm Tatts has won a $540 million compensation payout from the Victorian government after an appeal was dismissed.
An appeal by Tabcorp was also dismissed, meaning the gaming company will miss out on $687 million in compensation.
Tabcorp and Tatts sought the million dollar payments from the government after losing their poker machine duopoly outside of Melbourne's Crown Casino in 2012, following a government decision four years earlier.
Thursday's Court of Appeal judgments uphold decisions made by the Victorian Supreme Court in June this year.
That means Tatts holds on to the $450 million, plus interest of almost $90 million, paid by the Victorian government.
In a summary of their judgment the appeal judges said Tatts' claim largely succeeded because of an agreement made with the government in 1995 to provide a termination payment.
They rejected the government's appeal of the Supreme Court decision, while the Tabcorp's appeal of the June decision also failed.
"The Court of Appeal has now dismissed Tabcorp's appeal from the decision of the trial judge," the decision summary says.
"This means that all of Tabcorp's claims have failed."
Tatts welcomed the decision, but said the compensation paid by the government will remain unrecognised in its financial accounts until the matter is finally concluded.
The government has 28 days to seek leave to appeal to the High Court.
Tabcorp said it was reviewing the Court of Appeal's judgment to determine whether it will seek special leave to appeal to the High Court.
