August
JulyYou back em, you own em
The wagering landscape in Australia’s modern economy is truly bizarre. Where else in our economy are suppliers totally free to filter, select and exclude their customers as they desire?
Our corporate operators do this as cornerstones of their risk-proofed businesses.
Where are the consumer rights for wagerers that are routinely provided to all other consumers?
The current system is both antiquated and unethical, yet the racing industries, lavishly funded by the wagerer, look on with stoic indifference as wagering stagnates and moves into the decay phase, eager only to extract a little more from the depleted carcass.
Comparisons to Hong Kong and Japan, where race wagering holds a near monopoly on gambling, are facile, even absurd.
A modern, decent economy such as ours (in most respects) will not support wagering in its current form for much longer. Better to change before change is enforced.
Clean up our act.
What might deflect the wagering needle away from stagnation and decline?
That would require a conceptual shift, a radical shift but one that has already occurred in capitalism. Provide equity in wagering.
Just as the concept of the joint-stock company ignited capitalism by allowing everyone (with money) to participate, so it is possible for the wagerer to gain equity when they “invest” (as we routinely but absurdly term it) in a race.
Develop a system of horse ownership where the wagerer gains a slice of equity in the animal they back. Of course there will be due limits and restraints (imposed in this case with transparency and integrity) but it is all very doable in this age of AI.
It is a radical but essential change of concept for wagering.
Australia can yet again lead the way, just as we did with an earlier change of concept — racehorse syndication.
No taxation without representation!
Asquith (NSW)