Australia-listed gambling operator Tabcorp Holdings hit the jackpot in Victoria when the state decided to impose a lower online gambling point-of-consumption tax, according to several financial analysts.

The Sydney Morning Herald reported that Tabcorp stands to get rebates on the product fees it remits to the Victorian racing industry to counteract the 8 percent online gambling tax that the state will impose starting next year.

International brokerage UBS predicts a 1.5 percent increase in Tabcorp’s average tax rate in Victoria because of the new tax on digital wagering. Australia’s gambling behemoth currently remits 6.5 percent tax on revenue to the state. The good news for Tabcorp is that the firm may see an offset “for tax already paid through its retail license,” according to UBS analyst Matt Ryan.

Analysts from international investment bank Credit Suisse also expect that “other facets of racing industry funding will be reviewed” to the benefit of Tabcorp.