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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. Profile Sports
betting is the general activity of predicting sports results by making a wager
on the outcome of a sporting event. Perhaps more so than other forms of gambling,
the legality and general acceptance of sports betting varies from nation to nation.
In the United States, the Professional and Amateur Sports Protection Act of 1994
makes illegal to operate a "betting, gambling or wagering scheme", except
for in the states of Delaware, Nevada, and Oregon. Nevada, however, is the only
state currently allowing sports gambling, while in many European nations bookmaking
(the profession of accepting sports wagers) is highly regulated but not criminalized.
Proponents of legalized sports betting generally regard it as a hobby for sports
fans that increases their interest in particular sporting events, thus benefiting
the leagues, teams and players they bet on through higher attendances and television
audiences. Opponents fear that, over and above the general ramifications of gambling,
it threatens the integrity of amateur and professional sport, the history of which
includes numerous attempts by sports gamblers to fix matches, although proponents
counter that legitimate bookmakers will invariably fight corruption just as fiercely
as governing bodies and law enforcement do. Most sports bettors are overall losers
as the bookmakers odds are fairly efficient. However, there are professional sports
bettors that make a good income betting sports. (Credit: Wikipedia). Sports
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