$100 million contribution to the WA economy feature of TAB annual report

23/10/01
The TAB reported record sales for the 2000-2001 financial year and returned $100 million to the racing industry, the State Government and the community.
Racing and Gaming Minister Nick Griffiths said that the figures were the main feature in the TAB's annual report that he tabled in the Legislative Council today.
Mr Griffiths said the record return had enabled total disbursements to the racing industry of $57.1 million, an increase of 7.5 per cent on last year, and $42.5 million to the State Government and the community.
Other highlights in the report were record sales of $854 million, an increase of 4.5 per cent over the previous year.
Mr Griffiths said the increase in distributions to the racing industry resulted from the State Government's delivery of its election promise to cut tax on TAB turnover.
"An extra $2.029 million was returned to the racing industry after the State Government reduced race betting tax by 10 per cent," he said.
"This reduction has been paid in the form of a tax rebate and has been fully passed onto race clubs as distributions."
Mr Griffiths acknowledged the external pressures on the TAB throughout the past year. He commended the Board and Management for introducing new services and products to ensure the TAB remains profitable in a very competitive and volatile market.
"The TAB has introduced new services that focus on delivery of its product by new technology in reflection of the continued customer demand for betting through electronic channels," he said.
"During the year, the TAB has introduced new services including the amalgamation of Trifecta pools with TABcorp, a centralised help desk service, a new automated phone betting service, and the redevelopment of the Internet betting service.
"The new services will help ensure the TAB remains competitive in a very tough market."
Mr Griffiths said other highlights of the Annual Report included:

• Racecourse Development Trust and unclaimed dividends - $3.1 million;
• Government distribution - $42.5 million; and
• return to customers - 82 per cent