Happy Sunrise Posted March 19, 2020 Share Posted March 19, 2020 What will that prima donna Peters do in response to this? This will be a test for him. How unstable was the TAB before the virus impacts? They obviously have no reserves whatsoever if they want a cash injection immediately A $3.8 mistake on bonus bets? Is that the figure they actually lost because of the mistake? And this article is also a reminder to those clowns trying to get on course through applying for licences last week to stop it. As the article says, if someone gets the virus in the racing industry and everyone has to self isolate the corona virus could have impacts far greater than RITA in an instant. Luckily, racing is to big to fail lol...... The article from Stuff: Coronavirus: TAB in crisis over sports cancellations Coronavirus is threatening to bring down the TAB, which has asked for a cash injection from the Government so it can keep operating. Racing Industry Transition Agency (RITA) chief operating officer Stephen Henry gave a dire forecast for the racing industry's betting arm in an address to staff at TAB headquarters in Lower Hutt on Thursday. Henry revealed the cancellation of sporting events would cost the TAB $14 million and that, along with a $3.8 million error over bonus bets would result in both the half year and full year projections taking a big hit. "It's serious enough that we have briefed Government today on what it means for us and how they can help and that includes injecting cash into the business so we can continue to operate. "So far the Government has been "responsive but not definitive". Henry told stunned workers that everything was being done to minimise its operating costs including: * Using fewer cameras at race meetings, doing away with Trackside presenters on course, sending fewer production staff and not operating betting totes. * Cutting a wide range of expenses like travel and overtime - "we should have cut the sausage rolls today." Already the harness racing show, the Box Seat, featuring Greg O'Connor and Michael Guerin, has been canned. SIMON O'CONNOR/STUFF The sign says it all at New Plymouth race meeting. Henry issued a plea to staff to voluntarily reduce their working hours. "It's not compulsory and I don't expect everybody to be able to afford to make a sacrifice but I've asked our senior leaders to consider the same options. I'll be working five days but getting paid for four. "It's not so much that difference in money that will save us but it's the start of a collective effort to do the best we can and put that in Government's thinking." Henry warned the picture would darken even further the moment someone in the industry like a jockey, driver or trainer tested positive for coronavirus and meetings at present being held with no spectators were called off entirely. "It's very serious. Essentially we'd have no business to operate on. "There are 17,000 people who rely on the TAB and gambling profits to fund their jobs." Henry said the TAB was having to restate its unaudited half yearly result because of errors in the reporting of its bonus bets, given to entice punters to bet more. "There's been a coding error, a reconciliation report error and a manual transaction error which means we're $3.8 million behind where we expected to be." Henry said the TAB is looking into new initiatives like taking bets on e-sports video games "but it's not going to fill the gap." Henry said he would be briefing the chairs of all three racing codes on Thursday "and delivering a clear message that the actions we are taking we expect them to take as well." The dramatic downturn in betting comes at a time when a Racing Industry Bill before Parliament seeks to implement drastic powers to save the already beleaguered industry. Last year RITA replaced the former New Zealand Racing Board which borrowed heavily to build a reported $50 million fixed odds betting platform that bombed with punters. Quote Link to comment Share on other sites More sharing options...
OLDWHITEMAN Posted March 19, 2020 Share Posted March 19, 2020 Winston where are you? Don't expect the government to do much about this. After all they are not really concerned about businesses as they got little in the virus package. Unemployed got a pay rise while businesses left to fend for themselves. Harness racing will be the most affected because the sport is already struggling. Sadly, I think that plenty will be leaving the industry soon. Is there a way back for harness racing? 1 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted March 19, 2020 Share Posted March 19, 2020 They should have got their house in order BEFORE they committed to increasing stakes and using reserves to keep funding them. The Racing Industry Bill is not the white rabbit that they think it is - never was and never will be. 1 Quote Link to comment Share on other sites More sharing options...
Brodie Posted March 19, 2020 Share Posted March 19, 2020 What a shocking indictment for racing when the TAB is asking for a government handout after a couple of weeks of the Coronavirus issues!! FFS, this monopoly have basically been arseholes towards many of their loyal customers over the past few years!!! The staff that are employed by the TAB are mostly on extremely large salaries and have no problem with taking their large pay home each and every week, while the racing people that provide their incomes struggle. Now as soon as things change they want the NZ taxpayer to give them money so that they can keep operating!!! You have to be kidding don’t you? Seriously, TAB do what all other business around the world have to do, and sort it out yourself!! Now you will realise that it is not that nice when things change and you are not receiving as much income as you were previously, and yet you want others to just give it to you!!! The NZ government hopefully shouldn’t give them a cent and let them operate like all other business has to. Staff take a wage cut and get paid what is more like what you should receive! 4 Quote Link to comment Share on other sites More sharing options...
hunterthepunter Posted March 19, 2020 Share Posted March 19, 2020 tab should be making heaps as our trackside tipster can't tip the public into a winner 1 2 Quote Link to comment Share on other sites More sharing options...
OLDWHITEMAN Posted March 20, 2020 Share Posted March 20, 2020 56 minutes ago, Brodie said: What a shocking indictment for racing when the TAB is asking for a government handout after a couple of weeks of the Coronavirus issues!! FFS, this monopoly have basically been arseholes towards many of their loyal customers over the past few years!!! The staff that are employed by the TAB are mostly on extremely large salaries and have no problem with taking their large pay home each and every week, while the racing people that provide their incomes struggle. Now as soon as things change they want the NZ taxpayer to give them money so that they can keep operating!!! You have to be kidding don’t you? Seriously, TAB do what all other business around the world have to do, and sort it out yourself!! Now you will realise that it is not that nice when things change and you are not receiving as much income as you were previously, and yet you want others to just give it to you!!! The NZ government hopefully shouldn’t give them a cent and let them operate like all other business has to. Staff take a wage cut and get paid what is more like what you should receive! On the money again my old mate. Winston's phone will be red-hot with calls from his racing cronies. Will he help them? You can guarantee the thoroughbreds will get most, if not all, of the assistance if it comes from government. 1 Quote Link to comment Share on other sites More sharing options...
Brodie Posted March 20, 2020 Share Posted March 20, 2020 The NZ TAB have an absolute cheek to be even asking for anything from the taxpayer. Every week they take money from the NZ taxpayer and are not actually providing a helluva lot for it! it is a betting platform where people offload money and they just take a per centage!! Why on earth are they going cap in hand to the taxpayer asking for them to just give them money ?? It beggars belief that they need money, when they will make money each and every week by the way they operate! Is the NZ TAB saying that this costs are higher than what they are netting and are therefore losing money??? I seriously doubt it and if it is then do not expect the taxpayer to give you anything! Hardly an essential service, button down the hatches and ride it out with all of the other businesses!!!!!! 3 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted March 20, 2020 Share Posted March 20, 2020 The Government should close down Pokie outlets. Surely they are a potential risk for cultivation of the virus and where the extra benefit money will be spent? 3 Quote Link to comment Share on other sites More sharing options...
Newmarket Posted March 20, 2020 Share Posted March 20, 2020 E games?? Hell this is getting serious. I like the part about 17,000 people in the industry rely on punters gambling to survive? Wow, that makes me want to stop punting. To be fair thou to the tab, they have had me back punting with them this year due to their promotions. 1 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted March 20, 2020 Share Posted March 20, 2020 28 minutes ago, Newmarket said: 17,000 people in the industry rely on punters gambling to survive? No if there are actually 17,000 people working in the industry they rely on OWNERS paying the bills. FFS very few Owners pick up stake money! The last time I looked there wasn't 17,000 people working for RITA, the TAB, NZTR, the RIU! 2 Quote Link to comment Share on other sites More sharing options...
hunterthepunter Posted March 20, 2020 Share Posted March 20, 2020 tab would get a bit in r2 Addington 1/1 in betting smooth deal well beat 8th weak effort for horse that has won 144k was someone hiding in the hedge 1 Quote Link to comment Share on other sites More sharing options...
OLDWHITEMAN Posted March 20, 2020 Share Posted March 20, 2020 11 minutes ago, hunterthepunter said: tab would get a bit in r2 Addington 1/1 in betting smooth deal well beat 8th weak effort for horse that has won 144k was someone hiding in the hedge The horse was drawn out by the hedge, pretty tough to win from there HP, no matter how good you are!! Quote Link to comment Share on other sites More sharing options...
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