TURNOVER OF T.A.B.

Press, Volume C, Issue 29566, 15 July 1961, Page 5

TURNOVER OF T.A.B.

£27,800,000 Estimated (from Qui Own Reporter) WELLINGTON, July 14. The total off-course turnover for the year ending July 31, 1961, was estimated at £27,800,000, said the president (Mr G. H. Grigg) in his address to the annual meeting of the New Zealand Racing Conference today.

For the third year in succession that amount was greater than on-course investments by about £3,649,000, or 15.1 per cent., said Mr Grigg.

Conditions in New Zealand had been buoyant during the current racing year and both on and off-course turnover had shown an increase over the previous year. The Totalisator Agency Board turnover would set a record, said Mr Grigg. That would represent an increase of about £3,370,085, or 13.8 per cent more than the year ended July 31,1960, the previous best year. It was anticipated that the amount invested on race meetings, as distinct from trotting meetings, would be £21,533,032. That was an expected increase of £1,5618,615, or 7.9 per cent on last year’s figure of £19,974.417. Although off-course turnover on racing would increase this year by £1,568,615, off-course turnover for trotting had increased by £1,801,470. said Mr Grigg. The change had been because of the extension of night trotting and explained the reduction in racing's proportion of off-course turnover from 83.35 per cent, in 1958-59 to 77.46 per cent in 1960-61. The Totalisator Agency Board’s surplus distributed to racing and trotting clubs last year had been £750,157, and of that amount racing clubs had received £567,166. Distributable profit this year would show a marked increase and it was expected that the proportion payable to racing clubs would be about £90,000 more than last year.