MORE INCOME FROM DOUBLES

Press, Volume CVIII, Issue 31727, 10 July 1968, Page 5

MORE INCOME FROM DOUBLES

Racing and-trotting clubs can expect to receive a slightly higher percentage from doubles betting only. This was announced by the president (Mr A. J. Nicoll) at the annual meeting of the New Zealand Trotting Conference held yesterday. The two conferences have asked the Government to amend the Stamp Duties Act to allow for this, he said. “The effect of this will scarcely be felt by those fortunate few who strike the double and it will affect no one else, while ultimately returning considerably greater revenue to the clubs. "This will be in line with the practice in certain overseas countries where the difference in ‘take’ between win and place and doubles is as much as 6 per cent.” The conferences have

sought the extra money from doubles betting as every other possible step to secure more revenue by way of taxation relief had been taken. Owners, trainers and others depending on racing and trotting for their livelihood, were facing extraordinary difficulties in making ends meet and would continue to do so until clubs can raise stakes to a level in line with present day costs, said Mr Nicoll. “It is obvious that something must be done and done quickly if the decline in revenue is to be arrested,” he said.

On this season’s betting an extra 1 per cent levy on doubles investments would be worth about $150,000 to trotting clubs. If this was all added to stakes, these would increase by more than 10. per cent.