Billion-dollar bet

8/07/04
Racing and Wagering Western Australia (RWWA) are predicting that this year's annual turnover will hit $1billion some time today.
Racing and Gaming Minister Nick Griffiths said the RWWA financial year finished on July 31.
"Based on betting figures to date, this will be the first time in TAB/RWWA history that turnover will have reached that figure," Mr Griffiths said.
"It sets a benchmark for the organisation.
"From its establishment in 1961 until 2003, the WA TAB has contributed $2 billion to the State."
The following shows where one year's annual turnover is distributed (2002-2003):

• 83 per cent of the total turnover goes to the RWWA (TAB) customers in winnings (in 2002-2003 this was $816.09million);

• about 6.5 per cent is returned to the racing industry - money that is vital to thoroughbred, harness and greyhound racing and to the job security of more than 11,000 people, ranging from jockeys and animal-feed manufacturers through to veterinarians and breeders ($63.57million);

• a further 4.5 per cent goes to the State Government to assist with health, education and welfare programs, as well as other essential community services ($43.5million); and

• additionally, revenue raised from sports betting contributes to the Sports Development Trust, which assists junior sports development in this State. Approximately six per cent ($56.73million) covers the cost of operating the WATAB itself.

"The major reason for the TAB/RWWA's sustained success has been the fact that the organisation has continued to upgrade its services and introduce new ones, in the face of growing competition for the wagering and entertainment dollar," Mr Griffiths said.
"The State Government will continue to support the three racing codes.
"With the racing and wagering arms of the business now incorporated into one strong central agency, RWWA continues to be well positioned to manage the future direction of the industry."
Minister's office: 9222 8950