Chief Stipe

RV paid out $219m in Stakes. Approximately 50% of total revenue. NZTR paid out $59m.

That doesn't reflect in total revenue. NZ for 2018 the total revenue was $315m. For Racing Victoria 2019 it was $465m. Before exchange rate correction the ratio of revenue to population is $65 per head in NZ and in RV it is $72 for 2018 it is $68. However check out the difference in Operating costs - RV 24% of revenue went to expenses. In NZ 60%!!!!! Of course NZ figures include sports, harness and dogs revenue!!!!!

Actually NZ population is 4.8m. The ratio is NZ is 75% of Victoria population. 52 vs 69 tracks is the same ratio 75%. NZ GDP to June 2019 was $300 billion. Victoria GPD was 450 Billion Ratio 67% But you need to take into consideration the higher personal tax rates in Australia.

What we hear in New Zealand is the suits saying we have a multi-BILLION dollar wagering industry. When in fact they only have a multi-MILLION dollar wagering industry. The suits use turnover to justify their existence and salaries. Compare that to what Racing Victoria has reported which is copied into a thread on this forum. In their summary they don't mention TURNOVER once but talk constantly about REVENUE which is Gross Sales.

In wagering turnover ISN'T gross income. If $20,000 is spent on-course on betting and is turned over 5 times that is $100,000 in turnover which isn't gross income. You can't magically create $80,000 in real dollars.

I think what The Centaur is saying is that the TAB focusses on Turnover (total sales) rather than Revenue BEFORE Expenses. Theoretically you could have turnover (sales) of $3b and have no revenue if your bookies were total morons. Plus it isn't the same as selling a loaf of bread where you can only sell a loaf once. With wagering you make sale after sale of the same product with close to zero marginal cost.

69 Race Tracks in Victoria

Victorian thoroughbred racing showing good form with release of FY19 financial results Racing Victoria Staff@RacingInsider 14 October, 2019 , ( Racing Victoria (RV) has today released its results for the 2018-19 financial year (FY19) ending 30 June 2019 which demonstrate the Victorian thoroughbred racing industry remains in a strong position. RV has reported a net surplus of $8.8 million, whilst delivering significant targeted increases in its investment in prizemoney, infrastructure, risk management and club funding to support members, participants and the sustained growth of the industry. 2018-19 FINANCIAL YEAR HIGHLIGHTS Strong financial performance to support the industry and safeguard its future: Net surplus of $8.8 million after significant industry investment expenditure Robust balance sheet with managed funds under investment of $81.4 million Record wagering revenue of $364.2 million, up 1.4% Media revenue growth of 10.9% to $50.3 million driven by digital streaming Proactive increases in expenditure to support participants and Clubs: Significant 12.2% increase in prizemoney paid by RV across all levels of racing Commenced new Country Clubs funding agreement Special grant available for Club stakeholders from surplus funds Record infrastructure investment with major works at 17 Country Clubs Growing customer engagement: Nation high attendances with 3.3% increase to 1.4 million attendees statewide More owners participating in Victorian racing with 6.0% increase to 71,388 Record wagering underpinned by continued popularity of twilight and night racing Media assets working to drive growth in both wagering and engagement levels The delivery of world class racing: Investment in delivering the highest levels of integrity, safety and welfare Record prizemoney delivering nation high averages per race Launch of the fan-voted world’s richest mile race, The All-Star Mile Continued growth in international participation Securing the best outcomes for industry stakeholders: A four-year commitment to maintain the Victorian Racing Industry Fund to support investments in infrastructure, integrity and welfare Compensation to offset the Point of Consumption Tax (POCT) and a Government commitment for its review by July 2020 Funding from the State Government to facilitate increases in prizemoney and to assist with the relocation of Caulfield trainers RV Chief Executive, Giles Thompson, said: “Victorian thoroughbred racing has worked hard to maintain its customer engagement, while delivering record prizemoney returns for participants and a strong surplus for the seventh consecutive year. “RV has achieved a net surplus of $8.8 million for FY19 while facilitating a significant targeted increase in expenditure across prizemoney, infrastructure, risk management and club funding. “We have also sustained a strong balance sheet, one which ensures that we retain funds to safeguard the sport in the face of emerging challenges with managed funds under investment growing to $81.4 million at the conclusion of FY19. “Revenue grew by 8.8% to $465.5 million, driven principally by Government funding support for prizemoney increases which saw an additional $23.8 million (+12.2%) paid out to a broad range of participants and the continued allocation of 2% of prizemoney to equine and jockey welfare. “In addition to substantial prizemoney increases, we continued to increase our commitment to integrity, equine welfare, participant welfare and infrastructure funding which saw industry funding expenditure rise from 73% to 75% of revenue in FY19. “The core racing product was well received by punters in FY19 with customers driving turnover on Victorian racing to a record $7.02 billion, a 9.4% increase on the previous year. This growth is notwithstanding the introduction of the Point of Consumption Tax in January 2019, the impact of which is expected to materialise in FY20. “Off the back of unparalleled promotions and generosities from Wagering Service Providers (WSPs), wagering turnover increased across both the 2018 Spring Racing Carnival (up 8.1%) and the 2019 Festival of Racing (up 12.2%), which included the exciting launch of The All-Star Mile. “Thoroughbred racing remains crucial to Victoria delivering $3.2 billion in annual economic benefit to the state and supporting the equivalent of 25,000 full-time jobs. This positive result for FY19 ensures that we can continue to remain a vital contributor to Victoria.” WAGERING FY19 saw the introduction on 1 January 2019 by the Victorian Government of an 8% POCT on all wagering conducted within Victoria. The POCT is now also in place across other states of Australia with a 10% rate in New South Wales and 15% in Queensland and South Australia. With competition for market share at a premium, WSPs maintained their unprecedented levels of promotion and generosities throughout the second half of FY19, however there were signs in the fourth quarter that the POCT was starting to impact their operations and customer offers. Overall, FY19 saw significant growth in wagering activity on Victorian thoroughbred racing with turnover surpassing $7 billion for the first time. The growth was delivered across both metropolitan (+12.7%) and country (+5.4%) racing. Total receipts from the Victorian TAB Joint Venture were $209.1 million and included $33.0 million paid by Tabcorp for the use of Victorian race fields by the Victorian TAB. Race fields fees from all wagering operators, including the Victorian TAB contribution, delivered revenue of $188.1 million, up 9.5% to account for 51.7% of total wagering revenue. PRIZEMONEY Total prizemoney of $219.2 million was paid by RV in FY19, up 12.2% on FY18. Total prizemoney of $236.3 million was paid by the industry for the period ($219.2 million RV, $12.6 million in Club and other top ups, $4.5m in welfare contributions), representing a 43% increase in prizemoney paid since FY15. Of prizemoney won across the year, 42% was secured at country meetings and 58% at metropolitan meetings. Victoria maintained its position as a national leader with average prizemoney and bonuses on offer per race rising to more than $56,000 in FY19, with an average $453,000 on offer per race meeting. Prizemoney increases of $12.4 million commenced at the start of the 2018-19 racing season on 1 August 2018, with a further two-year $40 million increase confirmed upon the re-election of the Labor Government in November 2018. This took effect from 1 January 2019. Looking ahead to FY20, a further $13.2 million in prizemoney and bonuses on offer was announced in July 2019 taking the total prizemoney and bonuses on offer in Victoria for the 2019-20 season, which commenced on 1 August 2019, to a record $268.1 million. PARTICIPANT SUPPORT There was a continuing focus in FY19 on participant support with $25.6 million – up 1.7% – directed towards jockey ride fees, jockey Workcover, workforce development and welfare initiatives. A focus on participant welfare saw Stableline, a 24/7 counselling and support service for licensed and registered participants funded by RV, expand its offering to include an SMS alternative to phone or face-to-face sessions. CLUB FUNDING Club funding was significantly increased in FY19 by $5.3 million (+7.3%) to $78.6 million. This funding contribution assisted in delivering prizemoney increases, important infrastructure for racing and training use, and raceday expenses. Additional funding to support Club initiatives was driven by the new Country Clubs agreement, the share of increased wagering turnover, returns from international media coverage and increases in track maintenance subsidies. FY19 also saw special grants of $2.3 million made to Clubs from surplus funds at year-end to assist in racing-related investments including prizemoney. A $17.5 million investment was announced in FY19 by the State Government to create new facilities at regional training centres as part of a $40.1 million joint funding package that will support the relocation of Caulfield trainers. RACING Between 1 July 2018 and 30 June 2019, a total of 4,428 races were conducted across 549 race meetings at 67 Victorian racetracks, with Winx recording her fourth consecutive win in the Ladbrokes Cox Plate and pair of Godolphin-owned internationals winning the marquee Cups in Best Solution (Stella Artois Caulfield Cup) and Cross Counter (Lexus Melbourne Cup). The wins of the UK-trained pair came in the year in which Victoria celebrated 25 years of international participation in the Spring Racing Carnival by welcoming its 250th internationally-trained horse to Melbourne. During the 2018-19 racing season ending 31 July 2019, Victoria’s average field size across all race meetings (including TAB, non-TAB and picnic meetings) remained steady at 9.8 starters per race, with the metropolitan field sizes again well exceeding the national average. Australia’s first fan-voted race, The All-Star Mile, was launched in FY19 to grow customer engagement and attracted 139,247 eligible validated votes from the public who selected 10 of the 14 starters. The world’s richest mile at $5 million was held at Flemington in March 2019, attracting more than 16,000 fans trackside, and will rotate to Caulfield in March 2020. Following the successful trial of race free Mondays in FY18, the initiative was expanded to a fourth month in FY19 with a total of 13 race free Mondays occurring between December 2018 and March 2019. During the same period 12 double-header Wednesdays were conducted to capitalise on strong customer interest in twilight racing. INTEGRITY AND WELFARE A total of $11.0 million was spent on integrity and veterinary services in FY19 with new integrity head Jamie Stier leading a review of the Integrity Services Department to ensure processes and resourcing are best suited for current and future objectives and requirements. To support the Integrity Services Department review, the RV Board appointed a steering committee in early 2019 to engage with a broad range of stakeholders on culture and behaviours within the sport and how to best prevent rule breaches. The resulting “Fair Racing for All” report and its recommendations were released on 9 October 2019. There was an increased focus on welfare initiatives in FY19 with over $6.2 million spent by RV on equine and jockey welfare – well in excess of the 2% of prizemoney that was retained by RV for this purpose. This included $1.6 million in funding for four research projects with the University of Melbourne into the prevention of equine limb injuries. Important welfare-related reviews were also undertaken in FY19, including one into the industry’s Track Preparation Guidelines which has resulted in the requirement for softer racing surfaces in the interest of horse welfare and an inquiry into injuries sustained by international horses during the 2018 Spring Racing Carnival. MEDIA Enhanced returns from the provision of digital streaming to WSPs and associated wagering activity saw revenue from media services grow by 10.9% to $50.3 million. This far outweighed a modest 0.6% increase in media services expenditure to $42.9 million. RV’s media expenditure includes funding provided to and direct investments in a number of media assets including Racing.com, Radio Sport National (RSN), Thoroughbred Racing Productions (TRP), Racing Photos, Best Bets and Winning Post. In FY19, RV with its shareholder Clubs commenced the process for the renewal of media rights deals which are set to expire in 2020 and have been crucial to delivering strong customer engagement and financial returns. CAPITAL MANAGEMENT Net assets grew to $143.9 million up from $135.5 million in 2018. This includes the financial assets that RV holds on behalf of the industry as part of an Industry Sustainability Fund (ISF). The purpose of the ISF is to ensure that the industry retains sufficient funds to protect against industry threats; to ensure the long-term sustainability of the industry; to provide funds to support important industry-wide capital infrastructure and investments; and to assist stakeholders with financing investment that may not be otherwise available. SUMMARY Mr Thompson said: “This is a positive set of financial results for our members and the wider-industry, which demonstrates the financial health of Victorian thoroughbred racing. “It is particularly pleasing to maintain a strong financial position while significantly increasing our investment in prizemoney, infrastructure and club funding. This has allowed us to maintain terrific customer engagement through growth in attendances, media and wagering. “That said, we remain vigilant with challenging times ahead as the wagering market continues to evolve and the impact of the Point of Consumption Tax materialises. There is much work to be done on our media and wagering frameworks with rights agreements nearing their expiry and the Government embarking on its process for the allocation of the post-2024 Wagering Licence. “As an industry, we must also remain focused on integrity and equine welfare which is why we were pleased to last week release the Fair Racing for All Report which is aimed at continuous improvement in culture and behaviours within the sport. “We’ll be working in consultation with the relevant industry stakeholders on the successful delivery of the Fair Racing for All recommendations with many targeted for implementation in the next licensing period, commencing mid-2020 for the 2020-21 racing season.”

Why?

Can be done. I've been looking at a few opportunities.

Maybe a business opportunity. Come in Reefton we need an accountant. Seriously what the NZRB has always lacked is internal competition.

Yeah well about time they hired a wagering expert instead of a wannabe project manager.

Rule Number(s): 862(2)Following the running of Race 1, 25 years is a valiant effort Val Hart HCP trot 2200m, an information was filed by Senior Stipendiary Steward Mr J Muirhead, alleging that Mr McKendry permitted his drive REIGN to start from an incorrect barrier position. Mr McKendry endorsed the information “I do admit ... (Feed generated with FetchRSS)View the full article

Rule Number(s): 642(1)Following the running of race 11, Next Meeting Saturday 28 December 2019 Maiden 2200m, an Information was filed Instigating a Protest pursuant to Rule 642(1). The Informant, Mr K Asano, Rider of VERSES, alleged that FIGEAMEOUT or its rider placed first by the Judge interfered with the chances of VERSES ... (Feed generated with FetchRSS)View the full article

Rule Number(s): 638(1)(d)Following the running of Race 6 the “Murry [email protected] L J Hooker Group 1200” an Information was filed by Stipendiary Steward, Mr M Davidson, against Licenced Jockey Ms S Wynne in that “she allowed (MEDITERRANEAN STAR) to shift in near the 950 metres when not clear of (MEARA MARY) S Weatherley who clipped ... (Feed generated with FetchRSS)View the full article

Rule Number(s): 638(1)(d)Following the running of Race 2 (Rough Habits/Hub Catering 1600), an Information was lodged by Mr Goodwin alleging a breach of Rule 638 (1) (d) in that K Asano permitted his mount “ROCK ISLAND LINE” to shift outwards when not sufficiently clear of RIPCORD which had to be restrained over the final 50 ... (Feed generated with FetchRSS)View the full article

Rule Number(s): 869(2)Following the running of Race 2 the “JA & GD Trudgeon Trot” an Information was filed by Stipendiary Steward Mrs Tibbs alleging a breach of Rule 869(2) by Open Driver Mr J Markham. The information alleged, You used your whip on more occasions than permitted by Clause (b) of the Use Of Whip Regulations. ... (Feed generated with FetchRSS)View the full article

One possible way that you could launder cash through the TAB is to bet large cash amounts on favourites and gamble on getting a consistent % return. Another would be to bet equal cash amounts on every horse in a race knowing that you will get a % return. You could get more sophisticated by changing the amounts relative to horse odds and increase you return but still suffer a loss. However to make the effort worthwhile you would have to be consistently depositing large cash amounts or betting large cash amounts. In the old days when there were separate windows for large denomination betting e.g. $10 and $50 dollar windows often a shark would be waiting in the queue and would purchase your winning tickets plus 10% and then use the winning tickets to get a TAB cheque. Would be harder to do that today. Another way would be to deposit many smaller cash amounts into an account, wait then withdraw an accumulated amount however I understand that this is prevented by turnover rules i.e. you can only take out winnings from bets not use your account like a bank. Which then takes you back to the first option. It isn't like Pokies where you can organise a group of people to pump money through them knowing that there is a high return rate.

Exactly and what changed to the legislation in August? Stuff all. The trigger amount didn't change i.e. $10,000 and that figure has been in effect since AML was first introduced. The $1,000 trigger only applies to INTERNATIONAL transactions!!!!! Follows is an extract from the Justice website on what the NZRB/TAB needed to do to comply. In my opinion what was requested doesn't align with what has been implemented i.e. the TAB has implemented overkill! What does the Board have to do to comply with the AML/CFT Act? Initially, you’ll have to: designate someone in your business as an AML/CFT compliance officer assess and document the money laundering and terrorism financing risks your business may face establish an AML/CFT compliance programme setting out how you’ll detect and manage these risks. On an ongoing basis, you’ll have to: verify the identity of customers before providing any service covered by the AML/CFT Act. In some circumstances (such as if they represent a company or trust), you may also need to ask for information about where money came from and the other people involved. For more information about verifying customers’ identities, see: Information for customers about anti-money laundering laws submit a Prescribed Transaction Report to the Police Financial Intelligence Unit (FIU) if a client wants to conduct a transaction in cash that is $10,000 or more, or an international wire transfer of $1000 or more monitor customers’ accounts to identify potential warning signs of money laundering and terrorism financing. You must report any suspicious transactions or activity to the FIU. For more information, see: Reporting suspicious activities regularly review your risk assessment and compliance programme have your risk assessment and compliance programme audited regularly submit an annual report to the Department of Internal Affairs, which will supervise your sector.

That's just a load of BS and I guess the gullible sycophants swallow it. It is all about how the the TAB interprets the law and their application. They took a highly risk averse soft position rather than "lobbying hard."

https://bitofayarn.com/racenews/new-technology-to-help-with-tote-losses/ The Brisbane Racing Club wants to speed up the introduction of new technology to help overcome losses with its on-course totalisator. On-course totalisators were once a major source of income for clubs but in recent years they have become a major drain on profits. The majority of major clubs in Queensland are responsible for the operation of their on-course totalisators and almost all run at a loss. The problem will again be highlighted when the BRC’s annual report is handed down on October 23. Totalisator betting at BRC meetings has remained static at around $12 million per annum which is well down on even three years ago when it was at $19 million. Some of the problem stems from punters betting on their mobile phone apps at the track rather than through the traditional betting points. TABCORP, which has exclusive rights to on-course totalisator betting at BRC meetings, has been rolling out new geolocation technology at clubs and pubs to overcome similar problems. The technology pinpoints where the bet has been made and commission can then be credited to the pub or club. A similar technology is set to be rolled out for race clubs in the next 12 months. BRC Chairman Neville Bell said it could not come soon enough and would help alleviate losses associated with the on-course totalisator. “We aren’t the only club carrying heavy losses on the totalisator. I often see people having a bet on their app and ask them to have the bet through the club’s machines,” he said. “But, of course, in this day and age many people don’t carry cash. The sooner we get the technology the better and I think all clubs who run their own totes would agree.” “After all if it was any other commercial business which consistently had a service running at a loss you would close it.”