Bailing out of Sydney racing...The SMH reports that Australia's biggest bookmaker, Con Kafataris, is abandoning the Sydney betting ring with the on-course wagering market in free fall and the future of other bagmen in doubt. It quotes CK as saying: 'I was averaging turnover between $2 million and $3 million on a Saturday but I'm now lucky to hold $750,000.' The bookie blames 'draconian' legislation for the decline. He and other bookmakers have lobbied the state government to allow round-the-cloc
Bailing out of Sydney racing...The SMH reports that Australia's biggest bookmaker, Con Kafataris, is abandoning the Sydney betting ring with the on-course wagering market in free fall and the future of other bagmen in doubt. It quotes CK as saying: 'I was averaging turnover between $2 million and $3 million on a Saturday but I'm now lucky to hold $750,000.' The bookie blames 'draconian' legislation for the decline. He and other bookmakers have lobbied the state government to allow round-the-clock betting, internet access for clients and other betting options available to interstate rivals. CK adds: 'It is like I'm running a fruit shop and I'm only allowed to sell apples and the shop next store sells apples, oranges, mangoes, grapes, the whole lot...How can I compete?' Surprise, surprise, the NSW Racing Minister Kevin Greene has responded by saying how much the State Govt has done for bookmakers.