Tabcorp shares are rallying after Mike Baird reversed his ban on greyhound racing

Brook Mitchell/Getty Images

Tabcorp shares did well from the NSW government’s decision to not ban greyhound racing.

A short time ago, the shares were up 2.2% to $5.18. They were at $4.39 when the greyhound racing ban was announced on July 7.

NSW greyhound racing represents around 5% of Tabcorp’s total wagering turnover.

The company says it welcomes the decision to give greyhound racing the opportunity to continue beyond July 2017.

“Tabcorp supports a well-regulated greyhound racing industry where animal welfare is the priority,” the company told the ASX.

NSW in July banned greyhound racing in response to investigations which found up to 20% of trainers used live baiting and 180 greyhounds a year sustain “catastrophic injuries” during races, resulting in death.

However, yesterday premier Mike Baird reversed that decision, saying: “We got it wrong.”

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