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WAGERING ON RACING DETERIORATES AS SPORTS BETTING SURGES

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Combined wagering turnover on Australian thoroughbred racing through TAB and bookmaking has taken a bad turn, and the industry is still continuing to make huge changes on how players gamble on the sport of kings.

The Factbook for the 2015-16 racing season for Racing Australia has been released, and they show a decrease in the overall turnover through TAB and on course booking from $15.88 billion in 14-15 to $15.72 billion in the last season.

The above-mentioned amount does not include turnovers from all bookmakers making it hard to calculate the overall trend. However, with that said, it still shows to have a massive fail in pari-mutuel betting (a form of betting in which those backing the first three places divide the losers’ stakes (less the operator’s commission).

Wagering on horse racing slumps as sports betting improves

TOTAL AMOUNT OF TURNOVER

The total turnover amount went from $515 million to $391 million; it shows that it has fallen through on the course Tote. This kind of dropping level was last seen in the 90’s.  Between those times the overall TAB retail slipped from $4.17 billion to $3.79 billion.

TAB AND TATTS

Where TAB and Tatts have increased turnover is in Fixed Odds betting, which increased by over $500 million from $2.98 billion to $3.51 billion. Further growth is expected in 2016-17, which will see Fixed Odds betting overtake TAB retail as the highest source of turnover for TAB and Tatts.

THE FACTBOOK BOOKMARKING RECORDS

The bookmaker turnover includes at least a substantial amount as the state by state breakdown shows $5.1 billion of that amount coming out of the Northern Territory, which is where the majority of corporate bookmakers are based.

The traditional TAB model, which has provided a funding model for the industry for the past 50 years, is now falling and the state racing authorities have product agreements with the corporate bookmakers.

The Australian Gambling Statistics report that was published in September 2016 highlighted that sports betting is growing with 30 per cent year in a year. The report showed that spending on sports betting had grown to around $815 million.