As wagering on Australian racing continues to plummet, some of those who make a living through betting on it are urging a major change to how it is being promoted.
Australian racing’s betting landscape risks becoming indistinguishable from betting on poker machines, according to a prominent professional punter, who believes the corporate wagering landscape has become increasingly “faceless” and focused on marketing rather than bookmaking.
John Walter, a former jockeys’ agent, who worked in the corporate wagering sector and is now a form analyst and professional punter, spoke to the Straight Talk podcast about his broad concerns for the racing industry in light of a massive downturn in wagering on racing of around 20 per cent over the past three years.
The drop in wagering returns is causing a serious challenge for those who run racing, with major drops in revenue and pressures to reduce prize money.
Declining gambling revenue was cited as a key reason for the Australian Turf Club considering the sale of Rosehill, a divisive issue which was recently defeated in a member vote.
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