Cheaper wagering and betting licenses would be a positive for...

Cheaper wagering and betting licenses would be a positive for TTS.

They can't sell these licenses so there's no risk of asset devaluation for TTS. In fact there is a real silver lining here in that both they and Tabcorp will shortly have to bid for the new ones.

So if the Betfair impact is to reduce the license value it will only mean the State will miss out on the revenue from gaining a higher price.

Fortunately for TTS all this negative publicity is happening in the lead up to the wagering license so should they be successful, the outlay (investment) required may now be conceivably far less than would otherwise have been the case. Today's share price reaction may indeed reflect this view.

The real disaster would have been if they had just paid top dollar for a slice of the action and then this controversy had broken out....