James McDonald wins the Queen Elizabeth Stakes on It's a Dundeel. Source: Simon Bullard / Supplied
RACING NSW must sell the economic benefits of The Championships to the Baird Government — and the inaugural series held at Royal Randwick last month provides a compelling case.
NSW TAB betting turnover, which the state government receives a sizeable chunk, soared during The Championships.
Betting on the feature race, the Queen Elizabeth Stakes was up an extraordinary 303% on 2013 TAB results, the Sydney Cup increased 41%, and The Championships races had a 39% betting surge on last year.
Initial estimates suggest the week-long The Championships injected at least $65 million into the NSW economy. A study of the race series economic impact has not yet been completed but it is likely that figure could soar to $80 million.
``The Championships were an immediate success this year,'' Racing NSW chief executive Peter V'landys said. ``A whole slice of the betting increases and the boost to the economy goes to the state government.
``If The Championships goes under the government loses money.''
After just one year, Sydney's autumn racing carnival is under threat as the NSW Government has so far refused to again provide $10 million to help fund prizemoney for The Championships.
But Racing NSW isn't after a government grant, rather a bigger share of wagering money which the racing industry generates.
The crux of the issue is the disparity between states and their share of wagering revenues. In NSW, the Baird Government takes $3.22 out of every $100 bet on the TAB, compared to just $1.28 in Victoria.
``The inequity for the NSW racing industry is manifestly unfair,'' V'landys said. ``We need to be put on a level playing field with our main competitor, Victoria.
``If the Victorian Government took out the same share of bets as in NSW then they could not conduct the Melbourne Cup Carnival.
``If the rules for NSW are the same as Victoria, then the racing industry would receive another $85 million.''
It is understood urgent meetings between Racing NSW heavyweights with Premier Mike Baird and senior government officials will be held in the next two weeks to thrash out The Championships funding issue.
The Racing NSW mantra is if racing is revitalised, it will stimulate betting turnover and as a result state government revenues will actually increase.
V'landys said successive governments in NSW in recent years have failed to heed the warnings about the changing wagering landscape while other state governments have acted to protect racing industry income by lowering their share from wagering.
``What has happened in the last decade is that many NSW punters are migrating to corporate bookmakers in the Northern Territory,'' he explained.
``In 10 years, the corporates size of the betting market has gone from $1 billion to nearly $8 billion and NSW punters are betting $4 million of that amount.
``The NSW racing industry doesn't get anything on that money being invested with the corporates by NSW punters on interstate races.
``If this migration of the wagering dollar is allowed to continue, then revenues for the NSW Government and the racing industry will go into decline.
``Unless we can reinvigorate NSW racing with concepts like The Championships, then we are going to lose the goose that laid the golden egg.''
V'landys said Racing NSW's argument isn't a case of taking money from more essential services like hospitals, schools and roads.
``All we are asking for is to use punters money to give punters a product,'' he continued.
``The punters `voted' with their money in The Championships — betting on the Queen Elizabeth Stakes was up more than 300 per cent.''
NSW TAB BETTING INCREASES DURING THE CHAMPIONSHIPS
#Queen Elizabeth Stakes increased by 303% .
#Sydney Cup increased by 41%
#The Championships races increased 39% against 2013.
#International turnover on The Championships increased by over 330%.
#Interstate turnover on The Championships increased by 30%.
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