Up, up, up… that’s the story when it comes to market percentages on Australian racing over the past few years.
There’s been a raft of changes that have affected betting markets, and punters have copped it in the neck.
In an effort to get an idea of the issues, we’ve compared the market percentages on all Victorian thoroughbred racing across the past few years.
As the most freely available data, we’ve used the official SP as the measure – so the figures don’t take into account market percentages earlier in betting.
September 2016 was when Racing Victoria introduced their new calculation for the official SP. Prior to this, it was gathered using on-course price data. The current calculation uses data from corporate bookmakers.
Minimum bet limits were introduced shortly after, taking effect from October 2016.
The data used is the average market percentage (using official SP) of all Victorian thoroughbred races
We’ve also included the annual averages to better illustrate the year-on-year increases:
• FY2017 (starting September): 117.4%
• FY2018: 117.8%
• FY2019 (to May 21st): 120.3%
So the market percentage on official SP is now topping 120% for the first time. And it hasn’t stopped increasing yet.
The point-of-consumption tax was introduced in Victoria on January 1st. Since then, average market percentage at official SP has been 121.1% – a considerable increase on the 118.1% for the total pre-POCT period from Sep-16 to Dec-18.
The numbers are clear: punters are paying the price for continually increasing taxes and fees on racing. Higher percentages, lower dividends, lower returns are what punters are now battling with.
To better understand the different taxes and levies driving this, check out this article on market percentages.
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