WITH a $6 million purse, this spring's Melbourne Cup is by far the world's richest handicap race. It is a magnificent prize but it is one that masks the growing sense of unease about the industry's long-term financial well-being, reports The Age.It says: This year's Cup will be run against a backdrop of uncertainty. For, just a matter of weeks after the Cup is run, the wagering licence will be awarded for the 12 years from 2012 to either the incumbent Tabcorp or to Tatts or the London-based Ladb
WITH a $6 million purse, this spring's Melbourne Cup is by far the world's richest handicap race. It is a magnificent prize but it is one that masks the growing sense of unease about the industry's long-term financial well-being, reports The Age.
It says: This year's Cup will be run against a backdrop of uncertainty. For, just a matter of weeks after the Cup is run, the wagering licence will be awarded for the 12 years from 2012 to either the incumbent Tabcorp or to Tatts or the London-based Ladbrokes.
For the racing industry, it is not so much about who gets the wagering licence, but just how much will be returned to the industry to be utilised for prizemoney. Where once there was certainty with the assurance of a slice of the poker machine revenue, there is now a feeling of apprehension.
A measure of this apprehension can be found with the squabbling that has broken out between the chairman of Racing Victoria Ltd, Michael Duffy, and the industry's most lively antagonist - the Thoroughbred Racehorse Owners' Association.
The spat began when TROA chairman Andrew Lafontaine lamented the financial support the NSW government was giving to that state's racing industry was above and beyond that being enjoyed in Victoria.
He also dared to query why the Victorian racing industry paid out only an extra $4.7 million in prizemoney than its NSW counterpart, despite the economic success of the spring carnival and the $50 million or so the Victorian industry receives via its poker machines deal.