Morningstar flags risks for Aussie gambling firm Tabcorp
** Morningstar flags risks for top Australian gambling firm Tabcorp TAH.AX
** Investment research firm says conditions for betting remain challenging in Australia due to co's aging physical locations, intense competition
** Notes rivals Flutter Entertainment FLTRF.L and Entain ENT.L have also warned of tough conditions in Australia
** Adds, Australia was Entain's worst performing country in the first half of 2025
** However, Morningstar says TAH shares undervalued vs its fair value estimate of A$0.90; believes market is focusing on lower betting vols for the near term
** Shares of Tabcorp down 0.4% at A$0.7125 on Thur
** Ten analysts rate stock "hold", median PT is A$0.75; Flutter and Entain both rated "buy" on avg - LSEG-compiled data
** YTD, TAH up 26.1%; FLTRF up 3% and ENT up 30.2%
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