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By Chief Stipe · Posted
The offshore drain: Racing is sleepwalking into a funding crisis betsy.com.au A global betting shift is stripping billions from Australian racing. The money is not disappearing. It is going offshore. Australian wagering is edging toward the same fate that gutted the legal tobacco market. And if racing and governments do not act fast, owners and prizemoney will feel the hit long before anyone realises what has happened.https://bitofayarn.com When governments pushed tobacco taxes to breaking point, smokers did not quit. They went underground. A $10 billion black market exploded. Smoking rates barely moved. Revenue collapsed. According to a Responsible Wagering Australia report, the illegal offshore betting market has doubled since 2019. Australians now lose $3.9 billion a year to sites that pay no tax, offer no protections and give nothing back to racing. That figure is expected to hit $5 billion by 2029. As the report warns, “over the past two years in particular, the onshore betting market has decreased by five percent, while the illegal offshore market has grown by fourteen percent.” The hit to racing is enormous. Offshore operators now take 36 percent of all online wagering in Australia. Governments are staring at almost $2 billion in lost revenue over the next five years. Racing and sports will miss almost $800 million in product fees.https://bitofayarn.com Not all offshore turnover is recoverable. Some of it comes from criminals or activity that will never be welcomed back onshore. But a huge slice comes from everyday punters chasing a better deal. That is the cohort racing can still save. Sportsbet chief commercial officer Nathan Arundell says the damage is already on the doorstep. “The new research released by RWA shows the growing threat of illegal offshore gambling, including to racing across Australia. It shows racing losing between $100 million and $135 million each year and growing.” “This undermines funding for integrity, equine welfare, prizemoney, and importantly, puts jobs at risk.”https://bitofayarn.com “As the offshore market expands, the cost of integrity monitoring, investigations and insurance for racing authorities will continue to increase. Offshore creates new opportunities for race manipulation, but none of the data transparency needed to detect it.” “Sportsbet believes that protecting Australian punters requires genuine collaboration between industry, regulators, and government. Key measures include a national framework to ensure official racing data is supplied only to licensed operators. A national illegal gambling blacklist. And engaging banks and payment providers to block payments to illegal operators, including preventing credit from being used to fund betting.”https://bitofayarn.com These structural vulnerabilities explain why industry leaders are calling for stronger national coordination. But none of those measures answer the core question: why are everyday punters choosing to leave the regulated system in the first place? The RWA surveyed 4,000 of them. Almost half said the same thing. “Better odds.” Not better apps. Not better promos. Just better prices. But price is only part of it. Offshore operators push aggressive bonuses that are banned or restricted in Australia. They pay no tax, so they run far thinner markets. They also offer full iGaming products that are illegal onshore and heavily marketed overseas. Then there is in-play betting. Offshore bookies offer in-running markets on every match, every point and every possession. Australian punters can only do it over the phone, which is slow and outdated. Combine that with casino-style products and you get a sticky ecosystem that keeps customers offshore. This is why younger punters are drifting away. They live on live sport. They expect instant access. Australia tells them to call a phone line in 2025. Offshore tells them to click a button. At this point the cause and effect becomes clear. Punters want value. Regulation and taxes make value harder to offer onshore. And the more offshore grows, the more pressure racing faces to fund its own integrity and prizemoney. This is the path to an industry that slowly bleeds out.https://bitofayarn.com Principal Racing Authorities have levers. If racing wants to keep turnover onshore, pricing must be fixed. Taxation and fees need to come down. Lower costs mean lower market percentages. Lower market percentages mean better odds. Better odds keep turnover here. That is the difference between an industry that grows and one that slowly bleeds out. Governments have a role too. The tobacco lesson is simple. Push taxes too far and the market goes underground. A more realistic Point of Consumption Tax is essential. The surge in offshore activity mirrors the introduction and escalation of PoCT. Government should also review the ban on online in-play sports betting. It is one of the clearest product gaps pushing younger punters offshore. Allowing regulated in-play online removes a major reason customers drift away and keeps turnover inside the system. Reduced taxation burdens give bookmakers the room to offer competitive odds and bring lost turnover back home.https://bitofayarn.com Stronger blocking tools, a national data framework and coordinated enforcement all matter. But none of it will work unless punters believe they get real value onshore. Pricing sits at the centre of all of it. The warning signs are flashing now. Racing and government must act with urgency. Lower costs. Smarter taxes. Better odds. More competitive products. If not, turnover will keep draining offshore. And once it goes, it does not come back. -
By Special Agent · Posted
I could write a book on this subject. It is very frustrating. I have, however, been involved with some groups where we've given some different ideas a go. Not all of our actions were successful but, a lot was learned from our mistakes and some of the ideas were adapted and grown. One thing I have learned is that just throwing money at something is not a sure fire answer to most problems. -
By Wandering Eyes · Posted
Saudi Arabia has been granted a number of Riyadh season race upgrades, including the country's first top-tier race on turf, with the $2 million Neom Turf Cup (G1T) being granted group 1 status ahead of its 2026 running on Saudi Cup (G1) day Feb. 14.View the full article -
By Wandering Eyes · Posted
On the Nov. 24 episode of BloodHorse Monday: Scott Clarke discusses the legacy of his father, Harvey, ahead of Gosger's run in the Nov. 28 Clark Stakes (G2); Brian Hernandez Jr. discusses his return to riding after a September spill.View the full article -
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