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Tabcorp reveals offer for wagering unit

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Gambling giant Tabcorp has received a $3.5 billion offer for its wagering business from one of the world's largest sports betting groups.

The improved offer from the UK-based Entain, which owns Ladbrokes and Foxy Bingo, was indicative and unsolicited, Tabcorp said on Tuesday.

This is the first time Tabcorp has named one of the parties pursuing its wagering and media arm since first flagging in March it had received several approaches.

At the time it said the offers - of about $3 billion - weren't enough.

"The Tabcorp board has not yet formed a view on the merits of the revised proposal and will assess it," it said.

Tabcorp is reviewing its business with an eye to asset sales or demergers.

Potentially on the block is the wagering and media business, which could be sold or spun off into a separate entity, and the lotteries and Keno arm, which could also be demerged.

Tabcorp has a market value of more than $10.5 billion.