It's a tragedy. There are red flags being raised all over the place for this dominant Victorian-based gambling company. As we feared, the bid for Jupiters looks like being very expensive for Tabcorp shareholders. You'll be able to read our thoughts in detail when we make our special report available shortly but having done the research there's no point keeping you in the dark about the recommendation. We are downgrading Tabcorp two notches to HOLD FOR YIELD.