Online turnover at Spring Carnival grows 10%
Larger race fields drive hike in total amounts wagered to AU$1.3bn as bookies look to avoid 2013's poor run of results
Online wagering during Australia’s Spring Racing Carnival rose by more than 10% this year, with increased race fields and unpredictable results capturing the public’s attention and driving up turnover.
Figures released by Racing Victoria reveal total Âturnover for the 22 feature races from August 30 to November 8 reached AU$1.3bn, with corporate bookmakers and betting exchanges making up 35% of that figure.
“Fields sizes, anything over 12 horses, really plays a major role in driving Âinterest,” Racing Victoria chief executive Bernard Saundry told the Australian Financial Review. “As does uncertainty of outcome. Of the 37 races for the Melbourne Cup carnival, we had 29 winning trainers.”
The less favourite-heavy results will give Australian bookies reasons to be cheerful after punter-friendly results made 2013’s festival one to forget.
Paddy Power-owned Sportsbet admitted it lost about $4.7m thanks to a winning run for race favourites and will hope the 10.3% increase in online wagering will equate to a more profitable Spring Carnival in 2014.
Although the feature races, including the headline Melbourne Cup, have now been run, the Spring Racing Carnival continues up until 22 November.
Racing Victoria also confirmed it will discuss the possibility of staging night-time or twilight racing in 2015 which would be a positive move for online bookies with customers betting from home or the pub.