Punters Cop It Up The Clacker While The Tossers Live It Up
Punt Drunk | Wednesday January 20 2021
G’day punters and welcome to another edition of Punt Drunk, and with the autumn carnival fast approaching there has been plenty that has gone by since we last convened, and none more prominent than a decision made by the Victorian government. Despite a frustrating 24 hours for racing fans down South there are still seven local gallops meetings for punters to sink their teeth into and the team at Horse Betting will try their best to steer you into a few winners throughout the day.
However the big news of the day….
Vic Govt Raises Point Of Consumption Tax Rates & Punters Pay Yet Again
From July 1, the Victorian Government has announced an increase in the Point of Consumption Tax from 8% to 10% of Net Wagering Revenue (NWR), bringing it in line with NSW. The Victorian Racing Industry's gross share of POCT receipts will increase from 1.5% to 3.5% of taxable NWR.
— Matt Welsh (@Themodernpunter) January 19, 2021
Around 2pm yesterday afternoon punters down South were dealt what can only be described as a cruel blow. The Victorian government announced that they would be upping the Point of Consumption Tax (POCT) rates from 8% to 10% come July 1st. All three racing codes came out and supported the decision, because let’s be honest they all love money coming in and it now brings them up on par with rival states, none more importantly than NSW.
With the rising tax rate it means that more of the market share (our hard earned) is used to fund the industry. Racing Victoria and the Victorian Government have painted a fantasy picture for the public that the increased tax rates only hit the nasty corporate bookmakers with the “We’re making the Northern Territory licensed pirates pay their fair share” line. But the reality that it’s you and me and ordinary everyday folk who like a bet on the nags that are the ones that pay – yet again. The punter always pays.
Just last week we had massive yearling sales on the Gold Coast at the Magic Millions where over $210 Million was thrown around at the auction houses. How much of that goes back in to fund the industry? Yup you guessed it – not a single cracker. Instead, as is often the case in modern day society; the rich get richer and the ordinary folk cop the brunt of carrying the tax burden.
The elitist breeding mobs will no doubt peddle their standard line that “without breeders there would be no racing”. Well without punters there would be no funding to run your racing and that would certainly put a big hole in their yearling sales wankfest.
Over the past 12 months punters chipped in over $23 million to keep the wheels of the Victorian Racing industry turning, and yet it is still the punters who are again being screwed.
In the very near future, the big wigs will be scratching their heads and wondering why the “younguns” are putting their hard earned on American sports like NFL and NBA rather than a Wednesday afternoon maiden at Moe. The simple truth will be the that racing product will be poison to bet on as market percentages continue to climb. Sports, and particularly overseas sports; can be offered by bookmakers at a much fairer percentage as the cost of offering the markets is much lower. Racing is pricing itself out of the market at a tine when its popularity is already declining.
The industry has a very “take take take” mentality and if something doesn’t change soon there will be more and more punters betting not just on overseas sports, but also with offshore betting agencies where the odds markets are not decimated by local fees and taxes.
Obviously, the lower the market percentage, the more favourable it is for us punters. The new tax rates kicking in on July 1 2021 will ensure those markets percentages move closer to 130% on each race. The days of the “fair” 112% to 116% market are long gone. Compare that to sports where markets of 105% to 108% are commonplace.
What these powers that be struggle to remember is the key role that the punters play in the racing industry. Too often the punter isn’t even considered a stakeholder in racing, and rarely do punters get a seat at the decision making table. Yet punters are the only ones that keep the wheels moving.
At the same time as punters continue to get shafted, NSW and Victoria racing seem hellbent on putting on as many shit pop up and gimmick races as they can imagine. There is no scrutiny of the way the money being raised from punters is being pissed away. It’s just one rich race after another where the big corporate breeders inevitably control most of the action, and all the money finds its way back to their bank accounts.
Punters are right to feel bloody well ripped off.
It’s time the racing hierarchy stopped taking the lazy route and asking the punters to keep digging deeper and deeper to fund your industry; and had a look in the paddocks and sales rings of the grossly extravagant yearling sales circus. Punters are jack of having these wealthy wankers jam their lifestyles down our throats, while they contribute nothing to pay for the product that provides their latest yuppy turned up collar boat shoe ensemble. It’s time these tossers paid their fair share!
Its enough to make a bloke wanna go on strike and not bet on racing!
Anyone else feel like a beer? Good, us too.
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Welcome to Punt Drunk! Our new daily column covering all the latest horse racing and punting controversies, dramas and headline news. Have a story or gripe or issue that just grinds your gears? Just hit us up in the comments or contact us page and our jaded, punt hardened Punt Drunk staff will give it the Punt Drunk treatment it deserves. Don’t expect pleasantries or typical racing media fanboy gloss from Punt Drunk – we’re on the punt and we don’t have time to bullshit; the next is about to jump…
