Australian lottery and betting operator Tatts Group reported a significant profit plunge in its most recent fiscal year, thanks primarily to its acquisition by rival Tabcorp Holdings.

The annual report issued Monday by Tatts shows revenue rising 3.6% to AU$2.87b (US$2.1b) in the 12 months ending June 30, but net profit after tax from continuing operations tumbled 83.6% to AU$36.2m, primarily due to AU$149m in impairment charges.

Those charges stemmed from the ongoing mothballing of Tatts’ wagering brand UBET, which was deemed superfluous following Tatts’ acquisition by rival Tabcorp that took effect last December 22. Merger expenses also played a role in making Tatts look bad in its final standalone report.

Tatts’ mainstay lottery operations reported annual revenue up 4.9% year-on-year to AU$2.1b, thanks to a solid run of large jackpots and digital sales rising nearly 28%, pushing digital’s share of overall lottery sales to 16.8%.