Is this a good idea?
Should the public purse be used for what is essentially a gambling institution?
The NSW Racing industry is a billion dollar industry. Whilst there is no doubt it contributes to the economy, and stimulates growth, provides jobs etc, does it have to be subsidised by the taxpayer? I am not sure.
Anyway, I thought I would have a look at a few facts and figures on Racing in NSW:
The State’s richest race, the Golden Slipper for 2 y.o.s is worth $3.5 Million in prizemoney
Upgrade of Randwick Racecourse… $150 Million
Amount received by Racing NSW from Tab Corp each year, for the licence to run NSW betting…$150 Million. A common theme?
Amount received by Racing NSW from other sources of gambling outside the state: $54Million per year
Amount wagered on racing in NSW each year…$4 Billion
Additional NSW Government subsidy for regional NSW Racing over the next 2 years…$5 Million
Amount in NSW State Budget 2011/12 to reduce problem gambling in NSW… $14.5 Million
Budget of the State of NSW $60 Billion
$150 Million divided by the number of households in NSW (2.5Million) and it equates to roughly $60 per household. That is $60 that could be used to help pay the electricity bill.
View from the corporate box overlooking the winning post at Royal Randwick…priceless
You be the judge…
|Mr Ed: Laughing all the way to the bank..|