New alarm: Option-ARM 'liar's loans'

Mr McIlwain said race wagering had begun to recover after its "exceedingly strong growth" was stalled by the equine influenza outbreak. "Race wagering sales have declined by 7 per cent year to date," Mr McIlwain said. "They have begun the long road back to positive territory ... this recovery will accelerate when metropolitan racing resumes in New South Wales and Queensland tomorrow." Mr McIlwain forecast first half earnings to be $5 million lower than the $69.8 million delivered in the previous corresponding period last year. "We expect that the first half profit shortfall of around $5 million will be substantially recovered in the second half even if sales are marginally behind the level set last financial year," Mr McIlwain added. "The second half of fiscal 2008 is expected to see a recovery in the wagering business while Tatts pokies will struggle under the weight of new government restrictions." In October, the Victorian Government awarded 10-year lotteries licences to both Tatts and Greek-based gaming company Intralot, breaking Tatts' 54-year monopoly of the market. read more