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betting to grow despite turbulent economy - 17th
December 2008
Punters
at the racetrack and the oval won't be put off
by tough economic times, while casino and lottery
customers will cut back over the next two years,
a report predicts.
Revenue from horse and sports betting is expected
to grow by 11.9 per cent this financial year,
as the sector rebounds from the effects of equine
influenza, a report by business analyst IBISWorld
says.
IBISWorld
industry analyst Angela Kidson said the racing
industry had experienced a loss of 9.3 per cent
in revenue over the 2007/08 financial year.
"It's
rebounding from (fiscal) 2008 which was a terrible
year for them with the equine influenza,'' Ms
Kidson said.
"That
hit the industry very hard: race numbers were
down 16 per cent.''
In
the 2009/10 financial year, the sector is expected
to grow at a slower rate of around 2.5 per cent,
buoyed by new interactive digital pay-TV betting
sites.
The
report anticipates that further interest rate
cuts and the Federal Government's stimulus initiatives
will increase average household disposable income
by 4.98 per cent early next year.
But
only a minimal portion of that is likely to be
put into pokies or spent on lotto tickets, as
disposable incomes are forecast to fall again
in late 2009.
TAB
Australian News
Congratulations
Blake Shinn, Bart Cummings and Dato Tan Chin Nam
on the 2008 Melbourne Cup victory
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