T.A.B. boom attributed to bard times

Press, 23 June 1986, Page 9

T.A.B. boom attributed to bard times

PA Wellington An unexpected boom in betting is probably a reflection of New Zealand’s unsettled economic situation, says an Auckland psychiatrist, Dr Fraser McDonald. Since mid-March Totaliser Agency Board figures have been much higher than expected, with the result that its annual turnover from racing is now running $l3 million more than estimated. The season will end on August 1. The T.A.B.’s secretary, Mr Rangi Pope, said yesterday that a 7.5 per cent increase on last season’s total had been expected

but this was up to 10.76 per cent.

At many week-ends turnover had been more than $5 million. On June 14-15 it topped $6 million — a rare occurrence — in spite of its being a very ordinary week-end for racing.

Mr Pope said the boom had the T.A.B. puzzled. One reason could be the result of recent backpay for State servants. The move to three-minute closing from 10-minute closing had undoubtedly had an effect.

“But why there should be an upsurge since about mid-March I do not know,” he said.

Dr McDonald, who specialises in addictions, including compulsive gambling, said an upsurge in betting was a common response when life became harder and more unsettled.

“When people perceive that they are not going to get ahead by hard work they have to fall back on magical thinking,” he said.

All the recent talk about high interest rates, people going bust and restructuring was extremely unsettling. "They start getting scared and there is an increase in betting,” he said.