Tabcorp shareholders on Thursday voted overwhelmingly in favour of a demerger that will hive off its booming lottery arm into a new ASX-listed company. Just under 99 per cent of votes were cast in favour of the demerger at a shareholder meeting on Thursday morning, paving the way for The Lottery Corporation to be listed on the ASX on May 24. Tabcorp chairman Steven Gregg said the company was pleased to have received shareholder approval. "This is an important milestone in repositioning the Group's portfolio and setting up Tabcorp and The Lottery Corporation for future success," Gregg said. Tabcorp decided to demerge last July after it received two $3.5 billion takeover offers from global wagering giant Entain and private equity group Apollo Global Management.