A late goal to English striker Rob Gerrard decided the match of the day in the Northern Championship.
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Third-placed Launceston United were hosting leaders Northern Rangers who stole the points through Gerrard's strike to maintain their position and unbeaten record.
"A very physical game," reported Rangers coach Rod Fulton. "I thought we maintained the right focus and that was the reason for the win."
United coach Glenn Reading's reading of a result which ended his side's run of six straight wins was: "Disappointed because it could have gone either way but there's still a lot of football to be played."
Riverside missed the chance to leapfrog United by going down 2-1 at Burnie.
An own goal from captain Joe Evans and a penalty to Christian Byard had the hosts in control until they were reduced to 10 men following a sending off.
Mitch Roberts claimed Olympic's injury-time consolation after they squandered a hatful of chances.
"We were not good enough," was Riverside coach Andy Hall's blunt summary. "We lost to a penalty and an own goal but you make your own luck and Burnie pushed us well and are a competitive unit."
Two goals from Fergus Aitken saw rock bottom Launceston City pick up just their second point of the season in a 2-2 draw with second-last Ulverstone, although the hosts had been two up at the break.