TOTE BETTING

Greymouth Evening Star, 22 August 1939, Page 11

TOTE BETTING

BIG INCREASE AT HOME LONDON, June 17. A remarkable increase in Totalisator betting in 1938 is disclosed in the 10th annual report of the Racecourse Betting Control Board, issued last nip'lit. Total pools amounted to £9,093,482, compared with £7,903,721 in 1937, an increase of £1,189,701 or 15.05 jer cent Turnover transmitted from ott-the-course,” at £2,861,375 showed a rise of 33.14 per* cent. Under the new method of deduction, however a similar amount was retained from each £lOO betted, and the net amount, retained for the year was £757,156, compared with £722,517 in 1937. This was an increase of only 4.79 per cent. The new method of percentage deduction brought into operation m March, 1938, is now made from the part of the pool represented by the losing stakes instead of from the whole pool. The effect has been to improve the Totalisator paid in cases where well-backed horses win or are placed, and to decrease the dividends in cases where outsiders are successful. “The new method operates in favour of the majority of. backers,” states the report, “and the evidence gained in 1938 shows that it has proved popular, particularly in the case of oncourse backers and those betting for a place.” , . During the period from March - to Dec. 31 last, the total paid in dividends was greater by £56,413 than i the same turnover had been obtained in that period under the previous methods of deduction. The balance on revenue accoun.. available for interest and taxation, was £515,685, compared with £49i.4n in 1937. After providing for interest and taxation charges and setting aside £1 500 for charitable purposes, the surplus was £317.853, compared witn £318,176 in 1937. Certain asset accounts had been written down and reserves strengthened, and the balance ot £175,000 appropriated ror grants. These include £158,850 for the improvement of racecourses, prizes and racing generally; £16,150 for the im- , provement of all breeds of horses, not necessarily racehorses; and £4,500 lor ■ the advancement of veterinary science , and education. . In addition to the £1,500 set aside • from the year’s surplus for charity, there was £1,050 available from the - Totalisator Charity Trust. Organisa- - tions to benefit included the Beresford a Trust, London Orphan School, Newsi paper Press and National Police Funds, Railway Benevolent Institution and various hospitals.