Maybank Investment Bank Bhd (Maybank IB) has forecasted that its long-term earnings for Sports Toto Bhd might be reduced by 52 percent if there is a change of state government for Selangor, Penang, and Negeri Sembilan following the upcoming elections.

According to a report by New Straits Times, 35 percent of Sports Toto's total outlets are numbers forecast operator (NFO) outlets located in the three states...