Gaming and wagering firm Tabcorp has lifted its revenue in the first quarter of the financial year by 2.9 per cent.

The company said it had started the 2012/13 financial year well, with new initiatives such as its Victorian Keno business and Tabcorp Gaming Solutions, which helps clubs and pubs manage their poker machine operations, contributing to revenue growth.

Tabcorp said its revenue in the three months to September 30 from continuing operations was $488.9 million, up from $475.2 million in the same period in the previous year.

The figures do not include revenue from Tabcorp's Tabaret business, for which the licence expired on August 15.

Revenue from Tabaret was $130.2 million up to August 15, down 54 per cent from $284.1 million in the full first quarter of the previous year.

The largest part of Tabcorp's business, its wagering operations, posted a 2.4 per cent drop in first quarter revenue, to $384.6 million.

The company said the fall was due to the new terms of its Victorian wagering and betting licence which came into effect in August.

Tabcorp now shares profits from the business with the Victorian racing industry on a 50:50 basis, compared to 75 per cent for Tabcorp and 25 per cent for the industry under the previous licence.

Total revenue from the wagering business, including the racing industry's share, was $20 million higher than the previous corresponding period.

Tabcorp's Keno business posted an 18 per cent rise in first quarter profit, to $53.9 million, while its media and international business, which owns racing broadcasters, had a six per cent rise in first quarter profit to $49.5 million.

The newly established Tabcorp gaming solutions business posted revenue of $13.1 million in the three months to September.

AAP