New Australian Gambling Tax Will Hurt Local Racing Market
The new Australian gambling tax will hurt the local racing market in the long run. Higher taxes, which are passed onto gamblers through diminished odds, have turned off several players. A mysterious punter known as Dr. Nick withdrew from the Australian market.
According to software sportsbook sources, Dr Nick is responsible for around six percent of all bets on horse races. A resident of the Channel Islands, he said he will focus now on the less taxed UK racing market.
The wealthy gambler blamed high levies and taxes for his withdrawal from the Australian horse racing industry. Many people who bet on horses complained about the new consumption tax on bookmakers that are making it hard for both bookies and gamblers to make a profit.
New Australian Gambling Tax
Due to the new consumption tax, Dr Nick and other high big stake punters will head overseas and sports betting. As a result, there will be a reduced prize pot. Thus, owners and trainers might want to look for other lucrative markets as well.
According to sportsbook pay per head providers, Dr Nick bet around $2 million each week. Also, he usually competes against Zeljko Ranogajec for the title of the biggest punter in Australia. Dr. Nick has several trusted agents who will place bets in the last couple of minutes before a race.
As a result, Dr Nick’s bets affect Betfair exchange, bookmakers, and TAB. Also, odds for horses change in the last minutes of the race. His group grew after creating a successful rating system 20 years ago.
Dr Nick made his bets through agents. Also, very few knew his identity. By moving to the UK horse racing market, all his Australian agents will be out of work. Also, it will result in a drop in prize money for races. High taxes might make other punters follow Dr Nick to another market. Others might learn how to open a sportsbook, which is a more lucrative business today.