Victorian online bookies commit to continue sponsoring racing events

Racing Victoria’s chief executive, Giles Thompson, told local media reporters in Victoria this week that many of the online bookmaking firms had “given undertakings” to the state’s three racing codes that they would maintain their support of the industry, so long as the point of consumption Victorian tax rate remains at 8 percent.

The Sydney Morning Herald noted that a wave of new state-based betting taxes has been a cause of nervousness within the Australian racing and wagering industry following warnings from business leaders and gaming analysts that many of Australia’s online-only corporate bookmakers would not be sufficiently profitable to absorb a large hit to their margins and may be forced to slash marketing and sponsorship spends.

“The major wagering service providers have committed to continue their critical support of, and investment in, Victoria’s racing industry,” Thompson said. “This includes support and promotion of all three codes as key wagering products on the wagering service providers’ owned platforms, as well as industry media assets such as Racing.com and club sponsorship agreements.”

Related and similar