28th September 2006, 02:31 PM
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Member
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Join Date: Jan 1970
Posts: 243
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Quote:
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Originally Posted by xanadu
So, please, no whinging about turnover tax and the like....if they wanted to give it a go, they may very well succeed in their business venture by offering attractive odds to on-course patrons.
Their future is in their own hands!
Any comments for or against?
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Unlike a tote, a bookie is NOT GUARANTEED a profit on every race. Unlike a tote a bookie isn't allowed to lower the odds of your bet to GUARANTEE a profit from the race because more money has come for the horse.
That being the case, turnover tax is an absolute killer because the tax IS NOT based on profits.
Have a look at the bookie's odds for Melbourne and Sydney on Saturdays. In most races you can do better with the bookies unless you're speculating backing horses at $10.00 and longer odds. |