Straight Up – Australian wagering reform – you can bet on it
In this edition:
- ‘A strong reform package is coming’ – Odds shorten on post-election wagering advertising changes
- Comment: Is this the end game for Peter V’landys, or just another twist in his racing tale?
- ‘Deeply concerned’ – Major industry players call for Racing Minister to fast-track NSW review
The expansion of corporate wagering in Australia over the past 15 years has also led to an explosion in the betting markets available to punters.
While options for wagering on racing have increased somewhat, especially with same race multis, blended odds and extended place dividends, it is in the sports and novelty markets where the true betting buffet is on display.
The average AFL or NRL match has over 200 different betting options, and that doesn’t count the incalculable number of same-game multi options, while NBA, by far the biggest market for Australian-based bookmakers, features nearly 350 different ways to invest.
In the novelty markets, you can bet on anything from the winners of the Logies to Nobel Prizes, through to when Syndey airport may open. With hours of the death of Pope Francis this week, markets were opened for who might get the nod from the conclave when the white smoke billows from the Sistine Chapel.
Novelty markets are largely engagement vehicles for the bookies, encouraging people who might not normally bet to place a ‘fun wager’ on the outcome of a TV show or a song contest, or for that matter, who will be head of the Catholic Church.
Elections markets are far from fun or novelties. In an era where the accuracy of polls has been called into question more than ever, people are willing to put their money where their political opinion is. Over $1 billion has been wagered on last two US elections, with veteran Australian bookmaking figure Gerard Daffy claiming it was the biggest fixed odds market of the year for Tabcorp on 2024.
The market for the upcoming Australian federal election has swung dramatically in the past two months. Having spent much of the past years as outsiders, the ruling Labor Party is now $1.20 favourite to retain office.
Whether this market has moved due to political fortunes or a weight of money is hard to tell, but one thing the bookies do know is the likelihood of a minority Labor government means their ability to promote their product may be about to be curtailed.
Wagering advertising reform has been on the federal agenda for two years, but after Prime Minister Anthony Albanese parked the debate ahead of the election, there is every indication that, should Labor be returned to power, it will mean wagering advertising reform will be front and centre of the parliamentary agenda this year.
Speaking of political fortunes, speculation about the future of Racing NSW CEO Peter V’landys has been prominent in the mainstream media this week, with a series of articles in the Australian Financial Review.
It comes after a group of 27 thoroughbred industry stakeholders penned a letter to New South Wales racing minister David Harris asking him to expedite his review of the Thoroughbred Racing Act.
While the letter didn’t mention the Racing NSW CEO by name, there seems to be a rising appetite for change or those within the industry.
Certainly, in his 21 years in the top job, V’landys has never endured such scrutiny, but while there have been some hints he may step down at the end of this year, those seeking his departure may yet be left disappointed.
Is this the end game for Peter V’landys, or just another twist in his racing tale?
This week sees the running of Western Australia’s richest race, The Quokka, with Overpass going for his third straight victory in the race.
Keep an eye out for a feature on the Kiwi owner who has sent his horse Crocetti 5300km to contest the race. It will be live on The Straight on Friday morning.
Can Overpass make it a three-peat in the 2025 Kia Quokka?
Don’t forget to check out this week’s edition of The Straight Talk Podcast, where we talk to Darley’s Arvin Chadee about service fees and Inglis’ Harry Bailey about the upcoming run of sales.
Subscribe or listen on YouTube, Apple, Spotify or Podbean.
What you may have missed this week:
- Zoustar fee steady as Widden reacts to market
- Selling down – former fund manager Perry continues his exit from breeding industry
- ‘Hard work makes up for a bit of luck’ – Rich Hill in commanding position despite lowering big guns service fees
- Ole Kirk in select Vinery Stud company as 2025 service fee announced
- New guard for Darley – Top Godolphin colts join breeding giant’s NSW roster
- Straight Talk Podcast – Chris Waller Unfiltered – The pressures, fears and expectations of being Australia’s best trainer
As Friday is the ANZAC Day public holiday, there will be no Straight Up edition tomorrow.
Enjoy your long weekend of racing,
Regards
Bren O’Brien
Founder and Managing Editor
The Straight
Author
