October
AugustIt's the punt, not the prize
Just as Coles or Aldi are reliant on turnover from their customers to make profits, likewise racing is reliant on punters.
At the shopping centres, sellers from large corporations to single-store owners try to persuade the customer with the best price. Similarly, in racing it is up to the punter — on track, in the TAB or via phone or computer — to chase the best price.
Now in Australia we can shop among three state-based totes, more than one private tote, on-course bookmakers, off-course corporates and betting exchanges.
For years we have been hearing from owners and officialdom that unless prizemoney increases this great sport will die. For many, the only remedy is to ban bookmakers and betting exchanges, thus forcing punters to bet only with the TAB, where they would be forced to accept dividends up to 20 percent lower than the prices they can currently obtain.
Imagine the reaction if Coles and Woolworths attempted similar tactics.
I have owned racehorses for 30 years but at heart I am really a punter. As an owner I have always believed that if my horse had a chance I would supplement the winner’s cheque from any bookmaker willing — and they all were.
This is the heart and soul of racing and irrespective of prizemoney there will always be owners chasing that Melbourne Cup or group win.
All that increased prizemoney does is increase the price of yearlings.
Congratulations to those owners who make a profit from group wins but there are many more who only ever dream of such rewards.
Racing Victoria has astutely recognised the folly of preventing punters receiving the best odds but is burdened with the guilt of owners whingeing for increased stakes.
Racing survived on the revenue of on-course punters until off-course totes arrived in the 1960s. This led to the fall of on-track punters, necessitating sponsorship, enhanced by TV coverage.
Now, armed with a constitution banning anti-competitive behaviour, Australians live in a punting paradise. It’s time for race clubs to tap into the depth and generosity of punters just as they do with sponsors.
The aloofness of racing officials does little to whet the appetite of would-be punters. Meanwhile sports betting is rapidly expanding at their expense.
I look forward to the day when an owner stands on the rostrum after the Melbourne Cup and thanks all the punters, as well as others, for their generous input.
Bendigo (Vic)