Tomorrow shares in Tattersall’s, the big Australian lottery company, will be floated on the Sydney Stock Exchange. Strong demand has seen the indicative price for institutional investors rise from A$2.40 – A$2.90 to A$2.90 – A$3.20, and the shares are expected to increase in value once normal trading begins. Shares in another gambling giant, New Zealand-based Sky City Entertainment Group, were also causing comment yesterday and rumours of an attempted takeover.

UNiTAB, with licences in Queensland, Northern Territory and South Australia, conducts totalizator sports and race wagering and fixed odds sports betting by Internet and telephone. It also has an extensive gambling management service in Queensland and New South Wales, although not in casino management. Yesterday UNiTAB seemed to be gathering a strategic stake in Sky City, with a large number of shares changing hands in Australia and twice as many in New Zealand. Analysts predict a possible takeover attempt after the strong trading of Sky City shares.

Over the last few years the gambling industry in Australia and New Zealand has seen some consolidation with Sky City buying casinos in the Australian cities of Adelaide and Darwin. UNiTAB last year failed in a bid for the Jupiters casino group and the NSW TAB, beaten by the bigger Tabcorp. Shares in both Sky City and UNiTAB rose yesterday. (E-07.06.05)

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