Our Horses
Wagering Records Set Down Under!!!
Record betting in tough times
By Ray Thomas
From: The Daily Telegraph (courtesy of Standardebred Canada) November 19, 2009 7:36PM
If horse racing has an image problem, then it’s not stopping most of us from having a bet.
For a nation renowned for its love of a punt, the "Sport of Kings" still remains the popular gamble of choice for many. The TAB reported yesterday that betting records were smashed during the 2009 Spring Racing Carnival – proving once again that in troubled times a bet on the horses is almost like a public panacea. Punters seem to forget about the so-called global economic crisis and concerns about job security to try their luck on the nags. Racing has been thought of as "recession proof" since the days of the Great Depression when the out-of-work and out-of-luck scraped together whatever money they could find to back the legendary racehorse Phar Lap.
Even though Phar Lap usually started at prohibitive odds, for most desperate punters the gamble was worth it. Phar Lap almost always won and a bet on the champ was considered safer than bank interest anyway. This year’s spring carnival certainly didn’t boast an equine star like Phar Lap but we still bet up big.
Tabcorp has revealed that NSW and Victorian TAB punters wagered more than $1.57 billion across the 50 official days of the 2009 spring racing carnival.In NSW alone, TAB betting on the three racing codes from September 30 to November 18, 2009 reached $839.59 million (up 6.3 per cent on last year) – an all-time record. During this period, thoroughbred racing investments by NSW TAB punters was $630.48 million (up 5.8%) compared to the Victorian TAB which reached $568.38 million (up 0.1%).Tabcorp processed some 47.7 million transactions through the NSW and Victorian TABs on Melbourne Cup Day, including 636 bets per second during the peak of trading.NSW TAB punters wagered a nation-high $55.3 millon (up 9.2%) on the Melbourne Cup alone.
The only other year in the last decade where NSW outgrew Victoria in spring racing carnival turnover was in 2008, when NSW was coming off a low base caused by Equine Influenza. Victoria’s TAB growth was higher than NSW’s in all 10 years prior.
What’s that about Australians loving a bet? Tabcorp’s managing director of wagering, Robert Nason, had every right to be beating his chest yesterday."We have delivered our best spring racing carnival operational performance on record, seamlessly processing tens of millions of transactions for the benefit of our customers and our racing industry partners," Nason said."This is a considerable achievement when you take into account that no wagering operator in the world processes the number of transactions Tabcorp does over a prolonged, high volume period such as the Spring Racing Carnival."
These betting turnover figures not only underline our love for a punt, but show the resilience of horse racing. The sport has endured some troubled times of late starting when the horse ‘flu outbreak shut down all race meetings in NSW for three months in late 2007.
Emotion-charged debate about jockeys’ use of the whip has stirred the animosity of animal welfare groups in the last 12 months, and now the racing industry is threatening to implode as wagering groups have gone to the Federal Court in a dispute over betting taxes.
Despite all the negatives, horse racing remains a popular pastime with racetrack attendances booming and betting turnover on the rise."As a nation, in general most of us do like to have a bet," Racing NSW chief executive Peter V’landys said."It’s part of the very fabric of our society, it is an Australian way of life. I don’t think many people realise but in NSW there are more racetracks than post offices."Betting on the races isn’t affected by recessions or economic downturns because people still like the opportunity to try and win that little bit extra."It helps many people take their minds off the stress of everyday life."I think the big difference between having a bet on racing rather than the pokies is to find the right horse to back, you need to use your skills and intellect."A punter at the races should take into account all the variables to come up with a selection and that is part of the appeal."On the pokies, it is nothing more than random luck."
The concern for racing administrators like V’landys is whether the racing industry’s lifeblood, TAB betting revenues, can continue to sustain the sport if the turnover tax model favoured by Racing NSW is thrown out by the courts.
Many racing jurisdictions are struggling when it comes to attendance and handle , but that certainly wasn’t the case for the recently concluded 2009 Spring Racing Carnival in Melbourne, Australia. Reports indicate betting records were set during this year’s event, with more than $1.57 billion wagered during the 50-day Spring Racing Carnival. In New South Wales, betting from September 30 to November 18, 2009 reached $839.59 million (up 6.3 per cent on last year) – an all-time record."We have delivered our best spring racing carnival operational performance on record, seamlessly processing tens of millions of transactions for the benefit of our customers and our racing industry partners," said Robert Nason, Tabcorp’s managing director of wagering. "This is a considerable achievement when you take into account that no wagering operator in the world processes the number of transactions Tabcorp does over a prolonged, high volume period such as the Spring Racing Carnival."
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