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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
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Congratulations
Blake Shinn, Bart Cummings and Dato Tan Chin Nam on
the 2008 Melbourne Cup victory
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