THE racing industry nationally seems to be embroiled in controversy.
Internecine warfare is being waged in the NSW courts, along with ‘bans’ on media commentary, and there is destabilising squabbling in other states (and New Zealand) mainly about the future funding of racing. Then, from left-field came news of an AUSTRAC investigation of cash-betting activity. This ‘news’ wiped about half off the then surging price of Tabcorp shares. Issues bedevilling the racing industry are deeply embedded. At this stage it is not clear that, across the states, hard-edged questions are even being asked. This, let alone being answered with the brutal clarity that would shock state politicians locked into bi-partisan agendas to protect their local racing pyramids at all costs. The entry of a federal agency onto the playing field is a likely game changer.
### SO WHAT’S THE ANSWER?
THERE will be lots of answers – one deserves close attention immediately. The racing industry nationally, if not the states alone, has the power to bring the operations of corporate bookmakers into line with an operational discipline, long in place for bookmakers fielding on-course, requiring the acceptance of bets ‘from all comers’, at the price on the board, to lose a limited amount – say $5,000 (e.g. a $500 bet @ 10/1).
As is, the corporates are entitled to refuse to accept bets from some punters (those likely to win) and to not pay out on bets placed placed by third parties ‘bowling’ on behalf of banned-punters. This is a ‘heads I win – tails you lose’ gambling business. Talk about ‘Rule 007’ – these corporate-entitlements are a licence-to-kill.
The corporates’ licence-to-kill has not only been gougingly-abused to disadvantage the punting fraternity, it has underwritten profiteering revenues liberally misused to fund gambling advertising, for questionable funding agreements with race-clubs and to simply steal tote-betting business from TABs – all among other things likely to come to light in due course. Let us now open the page in the regulators rule book setting out ‘Rule 303’ – and may the bastards in charge shoot straight.
Putting an ‘accept all comers’ rule in place for the corporate bookmaker set would do so much to ensure well-informed betting markets – those allegedly ‘in the know’ would be in for their chop when betting opened and revised market odds would reflect the weight of money. Market-movers would be identified more quickly. Precluding corporates from lazily tailgating TAB dividends for exotic bet types would restore separate ‘tote’ pools. The ‘all comers’ step alone would lessen the need for ‘banned punters’ to bet in cash at TAB agencies – often plundering tote pools contributed by the small-bet community.
As for the money-launderers at TABs, remaining bets of substantial cash values would be exposed – provided Tabcorp newly puts in place automated, real-time monitoring of suspect cash bets – and puts AUSTRAC and racing stewards in the loop as may be appropriate.
