In today's Straight Shorts, Sportsbet's parent company Flutter says increased taxes and regulatory costs continue to impact wagering revenue in the Australian market. In the bloodstock world, Magic Millions has rescheduled its Gold Coast March Yearling Sale while racing has been suspended in southeast Queensland pending the arrival of Cyclone Alfred.

Sportsbet
Sportsbet revenue for 2024 dropped 3.5 per cent, parent company Flutter has reported. (Photo: Reg Ryan/Racing Photos via Getty Images)

Sportsbet drags chain in Flutter’s overall global growth

Sportsbet suffered a 3.5 per cent fall in revenue during 2024 as Australia’s leading online bookmaker blamed increased taxes and a softer wagering market on horse racing for the decline.

As part of parent company Flutter’s full-year results released overnight, Sportsbet’s revenue fell from $US1.45 billion in 2023 to $US1.40 billion last year.

And while Sportsbet’s active monthly players increased by 5.4 per cent from 1.11 million customers to 1.17 million, a decrease in their average spending also hurt the bookmaker’s bottom line.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for Australia was $US295 million for the 2024 fiscal year, representing a 17 per cent decrease from $US357 million on 2023.

Flutter says the period-on-period movement reflected the decrease in revenue as a result of higher taxes and additional regulatory costs in the Australian wagering industry

Its Australian revenue now lags behind operations in Italy, which has more than doubled its earnings from $US690 million in 2022 to $1.5 billion in 2024.

Every other major jurisdiction for the company has grown in revenue since 2022, except for Australia.

Australia now represents 10 per cent of the company’s overall revenue.  

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Despite challenges in the Australian wagering market, Flutter expects to increase its overall core profit by around 34 per cent this year

Flutter experienced 26 per cent growth in 2024, driven by its US brand FanDuel which has been a star performer for the wagering company.

The company is confident broader consumer issues in the US as part of a fallout from a hike in tariffs on Mexico and Canada won’t impact its balance sheet as it expects adjusted earnings before EBITDA of between $US2.94 billion and $US3.38 billion compared to the record $US2.36 billion posted in 2024.

Gold Coast March sale delayed by a fortnight

Magic Millions has rescheduled its Gold Coast March Yearling Sale due to the looming threat of Cyclone Alfred, pushing the Queensland auction back by a fortnight.

The 380-Lot sale was to be held on Monday and Tuesday of next week, but Magic Millions decided this morning to postpone the sale to March 24 and 25 due to the growing uncertainty about when the cyclone will hit the coastline and subsequently clear.

Magic Millions managing director Barry Bowditch on Tuesday delayed the start of the day one session to 4pm on Monday to allow buyers more time to inspect yearlings, but on Wednesday the company chose to postpone the auction by two weeks.

It will revert to its original selling schedule with 190 Lots to be auctioned each day from 11am at the Bundall sales complex.

The $2 million Queensland Jewel race meeting, which was to be held at the Gold Coast on Saturday, has also been rescheduled, with the card to be held in a twilight timeslot on March 15.

Bowditch said the postponement of the sale was in the best interests of the safety of vendors and buyers.

"We want to be able to provide certainty to all of those involved in the auction with Cyclone Alfred approaching the South East Queensland coast,” he said.

"Magic Millions will always place safety for our participants and horses first and while changes will always create issues, this delay is necessary.

"We thank our breeders, vendors, buyers and all other parties for their understanding at this time and we wish all people in the affected areas the best over the coming days." 

The Australian Football League has already postponed its two scheduled opening round matches in Queensland, while the National Rugby League relocated the Dolphins-South Sydney clash on Friday from Brisbane to Sydney.

The Bureau of Meteorology is predicting Cyclone Alfred to cross the coast about 1am on Friday in Brisbane, with wind gusts of up to 150km/h and potentially life-threatening flooding predicted.

The Sunshine Coast, Brisbane, the Gold Coast and the Northern Rivers region of NSW are all expected to be impacted by the category 2 cyclone.

Racing on hold as Cyclone Alfred approaches Qld coast

Almost 20 southeast Queensland thoroughbred, harness and greyhound meetings have been cancelled or postponed ahead of the expected arrival of Topical Cyclone Alfred.

Racing Queensland announced an almost blanket suspension of racing on Wednesday due to the potentially devastating effects of the cyclone.

Cyclone Alfred is expected to make landfall on the southeast Queensland coast on Thursday night or early Friday morning.

The $2 million Queensland Jewel raceday on the Gold Coast on Saturday has been shifted to a twilight meeting on Saturday week.

Up to 300mm of rain with gale-force winds exceeding 130km/h are forecast for the Gold Coast on Thursday and Friday.

"In order to ensure the safety of racing animals and participants, meetings across all codes have been impacted, with a variety of changes required to the racing calendar," a Racing Queensland statement said.

A Toowoomba thoroughbred meeting will at this stage go ahead as planned on Saturday.

In NSW, a thoroughbred fixture scheduled for Grafton in the Northern Rivers region on Thursday has been abandoned.

Meetings at Ballina on Saturday and Coffs Harbour on Monday are in extreme doubt based on the current course of the cyclone.

Seven horses accept for All-Star Mile

The smallest field in the All-Star Mile’s short history will assemble for the race’s introduction to the Australian Group 1 roster.

When acceptances closed on Wednesday, seven horses stood their ground for the $2.5 million race that has lost some autumn traction in recent years after it was first run in 2019.

The All-Star Mile was afforded Group 1 status amid changes to the Australian Pattern in  2024.

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Among a revamp of the race conditions that included a prize money reduction from $4 million to $2.5 million, Racing Victoria provided three ways for horses to gain an All-Star Mile start: nominate, win an automatic entry race, or wait to earn a wildcard call-up.

Mr Brightside, chasing his second All-Star Mile win and his 10th at Group 1 level, headlines Saturday’s field.

The weight-for-age star and his CF Orr Stakes conqueror Another Wil will joined in the race by Tom Kitten, Light Infantry Man, Flying Trapeze and Atishu.

Flemington, which last hosted the All-Star Mile in 2022, was last year named a permanent home for the race. 

MRC chairman John Kanga a special guest on The Debate

Melbourne Racing Club chairman John Kanga joined The Straight founder Bren O’Brien during The Debate on SEN Track.

Taking part in an extended edition of the show on Giddy Up with Gareth Hall, Kanga discussed the challenges and opportunities at the MRC.

The team also looked at where the club structure model currently sits in the Victorian racing landscape.

Other industry topics covered during the segment included the future of All-Star Mile and racing’s impact on the Australian wagering industry.

To listen to the latest episode, click on the link below.

Weighty issue - Deakin to miss Adelaide Cup

Deakin will bypass the Adelaide Cup because of what connections say is an unfair weight for the emerging stayer.

Trainer Phillip Stokes and OTI Racing principal Terry Henderson confirmed Deakin’s withdrawal on Wednesday after the import received 59kg.

“... after an extensive review of the statistics and past results the view was taken that the weight was a little too much in this instance,” a Phillip Stokes Racing statement said.

Deakin earned nominal favouritism for Monday’s Group 2 Adelaide Cup when he trounced his Listed rivals in the Torney Night Cup over 2500m at Moonee Valley at his most recent appearance.

The five-year-old will be saved for the Roy Higgins Quality, a 2600m race at Flemington that offers the winner a ballot-free entry into the Melbourne Cup.

Japanese stayer says sayonara to Championships bid

Cils Blancs, the Japanese-trained stayer who was one of the early favourites for the Sydney Cup, won’t be coming to Australia.

One of three Japanese runners earmarked for The Championships, Cils Blancs disappointed at his most recent Group 3 start in Tokyo.

His defection leaves Doncaster Mile hopeful Geoglyph and Queen Elizabeth Stakes contender Rousham Park as Japan’s representatives in Sydney.

They will arrive in Sydney on March 18.

Four UK-trained horses were flown into Sydney on Tuesday, three of which are trained by William Haggas.

Haggas’ team includes the 2023 Queen Elizabeth Stakes winner Dubai Honour.

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