THE financially embattled NSW racing industry was boosted yesterday, with the biggest bookmaking operation in Australia announcing part of its racefields legislation levy could be ploughed into the sport, reports Craig Young in the Sydney Morning Herald.He says: Sportingbet Australia chief executive Michael Sullivan said Racing NSW was free to spend upwards of $1 million the corporate betting house has paid since the controversial racefields legislation was introduced last September. The legisla
THE financially embattled NSW racing industry was boosted yesterday, with the biggest bookmaking operation in Australia announcing part of its racefields legislation levy could be ploughed into the sport, reports Craig Young in the Sydney Morning Herald.
He says: Sportingbet Australia chief executive Michael Sullivan said Racing NSW was free to spend upwards of $1 million the corporate betting house has paid since the controversial racefields legislation was introduced last September. The legislation is being challenged in court on two fronts but Racing NSW has collected about $30 million, although the regulator is loath to spend it, fearing it will have to be repaid should it lose in court.
Sullivan labelled the legislation, which collects 1.5 per cent of turnover from any operator wagering on NSW racing, "anticompetitive". The corporates want to pay only on gross profit.
"Racing NSW has collected around $3 million from us at 1.5 per cent but we will still pay it 10 per cent of gross profit regardless of the outcome of the court case," Sullivan said. "That is roughly $1 million and growing. We sponsor racing in Victoria, including everything from group 1 events to midweek racing, and we would be prepared to do the same in NSW if the restrictions were lifted."