Betting Spree Red Light For Inflation In Australia

Northern Advocate, 13 April 1944, Page 4

Betting Spree Red Light For Inflation In Australia

(Rec. 1.45 p.m.) SYDNEY, This Day. Although £161,683 passed through the totalisator at Randwick on Saturday it is probable that not much more than £50,000 was actually available for totalisator wagering, said the totalisator manager (Mr. F. Williams) commenting on a statement by the Minister for the Army (Mr. Forde) that bonds must come before bets. Mr. Williams said that the public would retain about £34,000 of that £50,000, and added that 10 per cent, of totalisator investments were retained, half going to the Jockey Club and the other half going to the Government. Public Retains Little C#i Saturday the amount retained was about £16,000. The largest investment on any one race on Saturday was £43,568 on the DoncasterMr. Williams said it was not possible to say how much money invested with bookmakers went back to the public. Results at the first two days of the autumn meeting suggested that backers lost heavily. The amazing growth of an Australiawide betting spree is revealed by record plunges on horse and dog races in all States over the Easter week-end, says the “Sydney Sun.” Book and totalisator bets in Sydney reached the colossal total of more than £1,600,000 and in Melbourne more than £1,000,000. Adelaide, Brisbane and Hobart also report a betting boom up to five times the normal pre-war scale. The betting boom is reflected in record spending at yearling sales. Higher wages and reduced oportunities for spending are believed to have led to this gambling orgy.