Interesting Article: Queensland Clubs Running Their Own Totes

[Reefton]

You guys have a different view on this terminology to what I do and to be fair I cannot be bothered discussing or arguing about it.  

[Brodie]

3 hours ago, Reefton said:

You guys have a different view on this terminology to what I do and to be fair I cannot be bothered discussing or arguing about it.  

 

[Brodie]

3 hours ago, Reefton said:

You guys have a different view on this terminology to what I do and to be fair I cannot be bothered discussing or arguing about it.  

Reefton if you are an accountant then you will know the lingo.

However, you are both correct but saying things differently.

Yes the amount wagered you class as turnover but it is not the amount that the TAB receives to pay out their expenses, so I would tend to agree with the others as the total wagered is not the TABs to claim!!!!!!

 

[The Centaur]

6 hours ago, Reefton said:

You better update your knowledge of accounting terms.  Turnover is gross income(effectively sales).  What you are talking about is gross profit which is effectively sales less direct expenses(in this case the payouts on the betting).  You have a reasonable point but they do not mislead by saying turnover is $2m(if indeed it is $2m)

The way I see it turnover is basically sales turnover. For a gambling outfit sales turnover is the gross figure after the winning bets have been paid out so I agree with Curious. Thats the way every gambling does accounting. (except TAB)

I appreciate you are an accountant but apart from the club I doubt you have other gambling outfits. No one would expect you to sit with the hotel poker players to workout their turnover but as far as extracting the cash from the machine at the end of the day then yes.

[The Centaur]

We have got a bit sidetracked onto to the "turnover" debate. Reefton made some good points on the usage of club assets before that.

However the "turnover/sales" interpretation is important for racing because of the easy way betting turnover has been misjudged as sales hence the determination of size of enterprise leading to the remuneration in proportion to size factor.

Racing people have been swindled out of millions because of this. 

Lets adjust the pay packets of all management to a $450 million company not a $2 1/2 billion company.

 

[Joe Bloggs]

What, and spoil the gravy train? You are right of course, their salaries are obscene to all except them, Saundry must be pissing himself, the shot putter has now gone to a council position in Wgtn has she not, so her salary should be put into building a home for destitute trainers and stablehands, they can at least have shelter at night, sit around and swap stories of the good old days, Jackson and Allen, their salaries should go toward funding an airline to service the bush towns a competitor to Air NZ, or better still, pay good money to proven, skin in the game professionals that exhibit some enthusiasm and want in an attempt to salvage what's left of this industry of ours......drain the swamp guys, it's possible, but not probable.

[The Centaur]

For the record this is what John Allen said when recruited back in 2014.

from NZHERALD 26 Nov 2014.

Mr Allen said he was excited about the opportunity to join the NZ Racing Board.

"It's going to be fun. The NZ Racing Board is a $2 billion business that plays a vital role in the New Zealand economy by supporting the racing and sports industries. It is also the owner and operator of the TAB which is an exciting commercial enterprise and iconic New Zealand brand," says Allen.

[Brodie]

It is blatantly obscene that salaried workers at the NZ TAB are earning far more than the Prime Minister of NZ.

Could someone please advise us as to what they do to deserve the massive salaries that come from punters losses!!

[The Centaur]

1 hour ago, Brodie said:

It is blatantly obscene that salaried workers at the NZ TAB are earning far more than the Prime Minister of NZ.

Could someone please advise us as to what they do to deserve the massive salaries that come from punters losses!!

Good question. I don't think you will find anyone who would know.

I was shocked listening to Michael Dore talking with Peter Earley.

Now Michael had been dealing with customers for over 30 years. Whenever there was a major problem particularly in the last 20 years with TAB website he was the man. So you would think he would have some input into the design of the new website. Well according to Michael he wasn't consulted.