The outcome of the Australian Transaction Reports and Analysis Centre investigation and its impact on Tabcorp Holdings (ASX:TAH) remain uncertain, supporting a cautious view on the stock, according to a Monday note by Jefferies.

Jefferies noted that the July 1 deadline for implementing the national tote and retail commission changes has passed, although there has been limited communication from Tabcorp or the Principal Racing Authorities on the national tote rollout.

The FIFA World Cup is expected to provide a meaningful boost due to favourable time zones and strong retail participation, with around AU$40 million in net revenue forecast across the second half of fiscal 2026 and first half of fiscal 2027, the note added.

Jefferies kept a hold rating on Tabcorp with a price target of AU$0.93.

The company's shares fell 2% in recent Monday trade.