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SA Horseracing Concerns

The public consultation that was to be conducted by the Department of Trade and Industry in South Africa recently commenced in Cape Town. The public consultation pertains to the study of a report previously completed by the Gambling Review Commission related to the online casino and gambling industry in South Africa. Slated to addend the consultation are representatives of both land-based and online casinos and gambling companies from all over the state.

For this week, the hearing will be all about the bingo, online casino and wagering and horseracing concerns. There are several interests for the horse racing industry, especially on the observable waning of wagers as well as the number of horse racing meets for the past thirteen years, which is fairly common in several horse racing events facing the international audience. Because the ownership cost is more than the total available wagers, there is a tendency for the owners to contribute to the sports itself. It would seem like the owners are carrying the burden of the sports since the wagers are fixed, yet the cost of operation is increasing every year. The owners, some operators of online casinos, are more burdened now than before due to the financial pressure they are experiencing. If this trend continues, it is highly likely that they will be exiting the sports industry all together.

Because of this, the Racing Association of South Africa is proposing that the bookmakers should also contribute by subsidizing the industry, considering that they are making huge profits from it. But this was hastily opposed by bookie representatives. Another group proposed that the government should provide grant assistance to the horseracing industry. But more hearings for land and online casino and gambling are still to be conducted to decide on the matter.