Just looking at it with my financial planners hat on, its interesting they state it puts tabcorp on a 9.4% dividend yield, however they aren't going to raise capital and then re-distribute that raised capital fully franked every year via a special dividend.

Will be interesting to see if its clever enough to get the yield hungry investors to jump onboard though and push the share price higher.

I've always been a fan of investing in gambling related companies (Crown for example). It's pretty rare that even through something like the GFC that people stop gambling all together, which makes their revenue reasonably stable and the efforts they make to re-invest that revenue can make them good growth stories.