Straight Up – Tabcorp ups wagering game as sales companies consider joining forces
In this edition:
- ‘Maybe we should put away our fighting swords’ – Harvey proposes single Australian two-year-old sale
- The right Fitz – Tabcorp ups its wagering credentials with hire from HKJC
- Fillies first – Gold Coast market inverts as investors cool on colts
- Trainers and jockey pay spat to prove a test of Morrison’s leadership
- Caulfield on hold – Meetings moved as fire recovery continues
- Danish dalliance – Stake snaps up gambling operator, continues ‘strategic’ step into regulated global acquisitions
Tabcorp CEO Gillon McLachlan has been very much aware that he came into what is arguably Australia’s highest profile wagering job without any direct previous experience in the bookmaking or betting space.
McLachlan dealt extensively with betting companies in his time with the AFL and has had a life-long interest and passion for racing, but he knew that he would need considerable help in the finer points of wagering if he was going to resuscitate Tabcorp’s fortunes.
He needed executives with serious wagering chops and didn’t see that in his existing staff. He highlighted this in his address to the Tabcorp AGM in October.
“A key focus will be bringing in additional wagering capability and experience at senior leadership levels. Wagering is the foundation of our company,” he said.
Advertising: New Zealand-bred horses have won 21 percent of Australian Group 1 races in the past five years
On Thursday, Tabcorp announced Hong Kong Jockey Club executive Michael Fitzsimons as its new Chief Wagering Officer.
Fitzsimons boasts extensive background in trading and bookmaking in the UK before working in a key wagering role with HKJC, working in both parimutuel and fixed odds environments. He is the man McLachlan will lean on most heavily in his bid to turn Tabcorp around.
How Fitzsimons adapts to a dynamic and ultra-competitive Australian environment he will be new to will be crucial.
The Straight revealed on Thursday that Magic Millions and Inglis had initiated talks as to whether they would be better off joining forces when it comes to their breeze-up sales.
Tim Rowe spoke to Magic Millions Gerry Harvey about the plan and also to Inglis Bloodstock CEO Sebastian Hutch about why the plan may and may not happen.
Harvey proposes single Australian two-year-old sale
‘Maybe we should put away our fighting swords’
The full interview with Harvey is featured on this week’s edition of Straight Talk, our regular podcast. Subscribe and listen on You Tube, Apple, Spotify or Podbean.
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While we are on Magic Millions, the data out of the yearling sale has revealed that for the first time, the average price of a filly was higher than that for a colt.
Is this a sign of the strength of the fillies market or challenges faces by Australia’s top colts funds? We have taken a deep dive.
A key meeting will be held next week between jockey and trainer representatives, facilitated by Racing Victoria CEO Aaron Morrison.
The current dispute over whether jockeys should be paid for jumpouts is top of the agenda, and a quick resolution seems unlikely given the respective positions of the Victorian Jockeys’ Association and the Australian Trainers’ Association.
But more than that, the dispute between two important participant groups is also a test of the leadership of Morrison.
Trainers and jockey pay spat to prove a test of Morrison’s leadership
Key meeting to be held next week
The prospect of the Melbourne Racing Club staging its feature autumn meeting at Caulfield is not yet clear following the recent grandstand fire.
The club remains confident that the Group 1 CF Orr stakes will go ahead at the track but it is still awaiting clearance for the public to get access to the racecourse, and has had to move two upcoming meetings.
And back in the wagering space, Stake.com’s global ambition continues with a key deal to take over an operator in Denmark. The ambitious Australian-owned company is making a concerted push into the regulated betting sector. Is Australia next?
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Regards
Bren O’Brien
Managing Editor and Founder
The Straight
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