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I agree with that, but with current public, political and media support growing, I'd say sports will get at least a more equitable share of the TAB revenue generated from sports betting. Personally, I think that sports should get all that net revenue, not racing. I think $20m of the recent Entain $100m payment has been allocated to sports with a decision pending about how that should be distributed. As far as I am aware, in Australia, racing does not receive a direct share of sports betting turnover. -
By Chief Stipe · Posted
Most of the increased revenue from Sports Betting will be distributed to Sports as per the following extract from the Racing Act 2020. The only revenue that could be distributed elsewhere i.e. to Racing is for a Sport that doesn't have a National Association. However even then there is an obligation to distribute it to Sports and Recreation NZ. The issue that concerns some doom and gloomers is how much of the Racing wagering will be cannibalised by Sports betting particularly new exotic products aimed at Sports. 82Application of revenue from sports betting (1) TAB must apply the amounts received by it for sports betting, including the net return from bets laid off under section 78(2)(b)(ii), for a racing year in payment of (or in respect of)— (a) refunds of bets and winning dividends for that year, including payments to dividend prize pools that will be carried forward and paid out as winning dividends at a future date; and (b) goods and services tax; and (c) totalisator duty as prescribed by the Gaming Duties Act 1971; and (d) the distribution of betting profits (if any) in accordance with section 73; and (e) the amounts (not less than the minimum amounts prescribed by, or calculated in accordance with, the method prescribed in regulations under section 128) payable to New Zealand national sporting organisations and Sport and Recreation New Zealand under agreements entered into under sections 79 and 80; and (f) all costs, charges, and expenses incurred by TAB NZ in the performance and exercise of its functions, duties, and powers during that year in relation to sports betting. (2) The surplus, if any, of the amounts received by it for sports betting that remains after making the payments referred to in subsection (1) must be applied by TAB NZ in accordance with sections 65, 71, and 72. Compare: 2003 No 3 s 57 -
By Wandering Eyes · Posted
A trip to Keeneland in 1983 was impactful to a young Robert Medina, and now the track has given him what will likely be his first Breeders' Cup starter as Praying beat her elders in the $398,750 Thoroughbred Club of America Stakes (G2) Oct. 4.View the full article -
By Wandering Eyes · Posted
The considerable talent Ted Noffey displayed at Saratoga Race Course this summer arrived Oct. 4 at Keeneland.View the full article -
By Wandering Eyes · Posted
Khaadem rallied from last of eight to win the Oct. 4 Woodford Stakes (G2T) at Keenland and earn a shot at the Breeders' Cup Turf Sprint (G1T).View the full article
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