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curious

Final MAC report - June 2019

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I see this has appeared on the DIA website with no fanfare. Not even on the RITA website as far as I can see. I thought this bit was interesting but there is not one iota of evidence or discussion in the report to support or justify the claim of additional revenue and it seems that falling into line with Australian counterparts on this is not looking like a very good rationale.

Recommendation 10 of Messara Report

Introduce Betting Information Use Charge and Point of Consumption Charge legislation 
Introduce Race Fields and Point of Consumption Tax legislation expeditiously. These two measures will bring New Zealand’s racing industry into line with its Australian counterparts and provide much needed additional revenue.

Edited by curious

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It's a myriad of mis-information. Racefield fees are already being collected from the vast majority of betting operators. So where is the extra revenue?

PoC? Compliance costs and getting support from all off-shore operators. 'much needed additional revenue' Tui ad.

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It also supports the 3 synthetic track recommendation and notes re the Greenfield project:

 Representatives from the committee met with NZTR and the Cambridge Jockey Club on site on 11 February 2019 to discuss the proposed NZTR/club synthetic track project plan. 
Final Report of the Ministerial Advisory Committee 
 
102 
To help mitigate the risks associated with this project, the committee requested that NZTR and the Cambridge Jockey Club carry out a fully independent peer review of the synthetic track project plan and a review of the finances of the club. 
The committee has had no further direct involvement in the project, but is aware that the Provincial Growth Fund has approved part funding of a 16m-wide synthetic track at the Cambridge Training Centre for thoroughbred training, trialling and racing. 
The project is being co-ordinated between NZTR and the Cambridge Jockey Club.

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21 minutes ago, curious said:

the Provincial Growth Fund has approved part funding of a 16m-wide synthetic track at the Cambridge Training Centre for thoroughbred training, trialling and racing.

There doesn't seem to be anything official that I can find on the PGF website about this funding.

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The metaphor smoke and mirrors comes to mind for pretty much the whole thing. Maybe the independent review wasn't so dashing?

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9 minutes ago, curious said:

The metaphor smoke and mirrors comes to mind 

Bumbling buffoons come to mind for me. If it wasn't such a serious matter, it would be laughable.

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Do the employees in Petone realise that when racing is gone that they are gone too?  

Sports betting alone in New Zealand is not enough to sustain them and bludging off other racing jurisdictions cannot sustain their high cost model.

As for building new race tracks that is only going to be a black hole that sucks the final bit of blood from the industry.

They need to slash costs from RITA and NZTR. NOW!

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52 minutes ago, Chief Stipe said:

They need to slash costs from RITA and NZTR. NOW!

But the proposed legislation wants them to collect the same punter losses from a much wider range of betting products which will surely require more staff and higher costs to operate, no?

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Do the employees in Petone realise that when racing is gone that they are gone too?  

Sports betting alone in New Zealand is not enough to sustain them and bludging off other racing jurisdictions cannot sustain their high cost model.

As for building new race tracks that is only going to be a black hole that sucks the final bit of blood from the industry.

They need to slash costs from RITA and NZTR. NOW!

The elephant in the room, do you think the Hoi poloi in that building look up from their desks when the 'brass' walk by and think, ''Legends'' or, do you think they look up and muse......'.tossers'?........a Toyota Corolla to the winning guess.

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17 minutes ago, curious said:

But the proposed legislation wants them to collect the same punter losses from a much wider range of betting products which will surely require more staff and higher costs to operate, no?

Yes.  You only need to do a comparison between the increase in the current products over the last few years to see that there is no positive correlation between increasing the number of products and increasing revenue.  The reverse in fact.

So the only way they can increase revenue is to increase takeouts via other mechanisms that only do one thing and that is increase the price of the product comparative to other betting jurisdictions.  Hasn't worked so far and isn't likely to work going forward.

What I can't understand is that Glen Saville has been there through this whole decline yet he keeps his job!!!  How does that work? 

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Yes.  You only need to do a comparison between the increase in the current products over the last few years to see that there is no positive correlation between increasing the number of products and increasing revenue.  The reverse in fact.

So the only way they can increase revenue is to increase takeouts via other mechanisms that only do one thing and that is increase the price of the product comparative to other betting jurisdictions.  Hasn't worked so far and isn't likely to work going forward.

What I can't understand is that Glen Saville has been there through this whole decline yet he keeps his job!!!  How does that work? 

It's called tenure of employment Chief, or a boys club, call it what you will, but it all ends up the same.....no accountability and no way would you be able to run a LTD company like that!

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Higher takeouts result in falling turnover. More bet types result in falling turnover. Its quiet simple really, but the morons do not get it. The pie is only so big. The more you shred it, the smaller the pools. The smaller the pools, the less attractive to bet into them. The higher takeouts result in less return to the punter, who in turn goes broke quicker, which results in falling turnover.

The lunatics in Petone should of been reducing the takeouts years ago, and trimming running costs to increase punter participation and grow the pie.

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I feel sorry for you lot, I really do. I'm not being facetious either, you've been shafted by an incompetent and inglorious bunch of shamateurs in charge of what was once a productive and respected industry. You trusted them, we trusted them, and look, look at what we/you have now.

I don't have to suffer it physically like you lot as I'm offshore, but the end is nigh fo our remaining horses left there. If ever those responsible are hauled to account I would love to tell our story, a Royal Commission would do the job, the lying, the cover ups, the blame shifting, it's all on record, and I bet there would be a queue from the Cape to the Bluff with stories and complaints......in any case I hope like mad that it turns around for you all......we met some of the nicest people on the planet in NZ, including NZ's now oldest trainer I'm guessing with the passing of Barbara Blackie and enjoyed some amazing memories culminating with the breeding of some lovely fillies that are now in Oz, in any case, que sera, inshallah c'est la vie.......for personal reasons this is my last post, but thank you, from the heart....good luck to you all.......Bless......Joe.

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