Go to Villagebet.com.au for free horse racing tips - Click here now |
|
Point Of Consumption Tax |
Post Reply |
Author | |
Sneck
Champion Joined: 16 Feb 2013 Location: Payout Queue Status: Offline Points: 7555 |
Post Options
Thanks(0)
Posted: 14 Jun 2018 at 7:18pm |
It's terrible and I'm strongly against it considering the negative impact it will have in the market. It's bad for all punters, winning and recreational alike.
However, as a winning gambler I'm not exactly given preferential treatment. Will I see any personal benefit if I relocate to the NT? Will there be any difference being located in NSW(10%) compared to VIC(8%)? |
|
Atreus
Champion Joined: 25 Nov 2014 Status: Offline Points: 329 |
Post Options
Thanks(1)
|
It will be time to give betting on the Australian races away once this POC tax comes in. Taxes and charges on bookies will be so high that they won't be tolerating any winning players. And if you cannot win there is no point to playing the game You could move overseas and still bet on Betfair. But the liquidity on Betfair will take a big hit on the Aussie races with all the Aussie punters subject to the tax. So even if you moved overseas you would be better off playing other markets like overseas races or sports The only people winning on Aussie races will Zeljko and Walsh and anyone getting rebates with the TABs betting through the Isle of Man hub. The POC Tax has been carefully crafted to ensure these guys are not impacted by the tax
|
|
Sneck
Champion Joined: 16 Feb 2013 Location: Payout Queue Status: Offline Points: 7555 |
Post Options
Thanks(0)
|
The international bookmaker ban was a terrible blow for Australian punters but the minimum bet laws are hard to pass up for racing centric players. If the markets are rubbish and/or bookmakers employ unethical/fraudulent behavior it's probably better to be in NZ.
|
|
Sneck
Champion Joined: 16 Feb 2013 Location: Payout Queue Status: Offline Points: 7555 |
Post Options
Thanks(0)
|
|
|
Atreus
Champion Joined: 25 Nov 2014 Status: Offline Points: 329 |
Post Options
Thanks(0)
|
I don't see bookies honouring the minimum bet laws for winning players once this POC Tax comes in. The taxes and charges are too steep William Hill used to reduce people's odds on logging in. I don't think anything was ever done about that. So that is all you have to do to get round the minimum bet laws
|
|
pnclick
Champion Joined: 13 Mar 2009 Status: Offline Points: 1020 |
Post Options
Thanks(0)
|
I used to be one that would have the odds reduced on login. But that stopped when the minimum bet rules came in.
|
|
Sneck
Champion Joined: 16 Feb 2013 Location: Payout Queue Status: Offline Points: 7555 |
Post Options
Thanks(0)
|
Ultimately the corporates may be forced raise their market percentage to the point which TAB fixed odds become the market leader. |
|
Atreus
Champion Joined: 25 Nov 2014 Status: Offline Points: 329 |
Post Options
Thanks(0)
|
pnclick It never stopped for me with Centrebet/William Hill. Whenever I logged in the odds changed with the odds on each runner dropping by about 3 rolls of the board
|
|
ExceedAndExcel
Champion Joined: 20 Dec 2008 Status: Offline Points: 16244 |
Post Options
Thanks(0)
|
Surely racing promos will be cactus. No money backs, protest payout etc. Odds boost almost certainly gone. Maybe they could still offer it on multis like they do with sports? Who knows. Doesn’t affect me personally but can feel for those who it does affect.
|
|
Atreus
Champion Joined: 25 Nov 2014 Status: Offline Points: 329 |
Post Options
Thanks(0)
|
Sneck Time will tell if the minimum bet laws are enforced but I doubt they will be. Bookies will soon have to pay 1. Racefields fees 2. GST 3. POC Tax 4. General expenses of running the business (wages, advertising, website etc) 5. Payouts to overall winning punters After all these payments are made they still have to pay 30% company tax on whatever is left over The bookies will be paying way more to racing and government than they make themselves. The areas of expense that they can trim will be payouts to winning punters by ignoring the minimum bet laws and cutting back on advertising and promotions Even V'Landys has said that after this POC Tax the bookies won't be able to cop any more charges without going broke. So I reckon the minimum bet laws won't be enforced and bookies will make some extra cash that way In any case you would have to have rocks in your head to keep betting with so many charges imposed. Better off doing something different with your time. The Golden Age for punting on Aussie races is behind us. Best to recognise that and move on
|
|
Baghdad Bob
Champion Joined: 10 Feb 2010 Location: Victoria Status: Offline Points: 13676 |
Post Options
Thanks(0)
|
Presently I bet only through Betfair on Australian races.
They deduct 8.4 % from my net winnings on any NSW race, whereas in Vict. ACT,Qld & SA races they deduct 5.04% If the PoCT is only levied on an operator's/ bookie's profit the ramifications of the PoCT will vary from state to state with my Betfair betting. With the PoCT of 10% in NSW that deduction will increase to 9.24% on NSW races In Vict the PoCT isto be 8%, which will increase that deduction to 5.443% on Vict races In SA they intend to have a 15% PoCT that will increase that deduction to 5.796% As far as I know Qld & the ACT have yet to decide on the PoCT . By those figures alone I will probably no longer bet on NSW races, which of course, is revenue lost to NSW. It makes you think do administrators live in the real world. |
|
Baghdad Bob
Champion Joined: 10 Feb 2010 Location: Victoria Status: Offline Points: 13676 |
Post Options
Thanks(0)
|
Apparently Qld , ACT are going to copy SA and introduce a 15% PoCT.
|
|
Atreus
Champion Joined: 25 Nov 2014 Status: Offline Points: 329 |
Post Options
Thanks(0)
|
Baghdad Bob The South Australian 15% POC Tax has already been in place for months. Betfair's response to it was to have South Australian punters all pay the base commission rate in each market. So no deductions to your commission rate for turnover South Australian players were paying 6% in South Australia, 6% in Victoria and 10% in NSW regardless of their turnover Maybe with Victoria only charging 8% POC tax instead of 15% Betfair will allow a portion of commission points earned to reduce the base rate of commission if you live in Victoria. Your estimated commission rates look close to the mark
|
|
maccamax
Champion Joined: 19 Jun 2010 Status: Offline Points: 41473 |
Post Options
Thanks(0)
|
W.A have 15% in operation . The worry was NSW were to be taxing turnover rather than profits . That would kill Betfair apparently .
I don't know the accuracy of my information but I'm sure you will steer us right on the position. Criminals they are , want to kill all Australian Industries. |
|
Speediskey
Champion Joined: 19 Feb 2014 Status: Offline Points: 4116 |
Post Options
Thanks(0)
|
You're missing their biggest 'advertising' expense. The 30% odd of all lost money they pay to their affiliate marketing partners who sign up new members. Such as this website, Punters/Racenet or whatever, hence why they all have banners all over them. Has to be a large percentage of their potential profits going like that.
|
|
maccamax
Champion Joined: 19 Jun 2010 Status: Offline Points: 41473 |
Post Options
Thanks(0)
|
I didn't pay much commission on the Rugby League ... With some turnover deductions it's only about 25% of the NSW racing Commission.
|
|
Atreus
Champion Joined: 25 Nov 2014 Status: Offline Points: 329 |
Post Options
Thanks(0)
|
Speediskey Affiliate marketing partners would be part of general expenses so No 4. You are right that it is a big expense. These payments will likely get cut back for websites like this one, Racenet and Punters. It would be a good thing if the affiliate payments went altogether
|
|
Sneck
Champion Joined: 16 Feb 2013 Location: Payout Queue Status: Offline Points: 7555 |
Post Options
Thanks(0)
|
< ="text/">h1 { margin-bottom: 0.21cm; }h1.western { font-family: "Liberation Serif",serif; }h1.cjk { font-family: "WenQuanYi Micro Hei"; font-size: 24pt; }h1.ctl { font-family: "Lohit Devanagari"; font-size: 24pt; }p { margin-bottom: 0.25cm; line-height: 120%; }
NSW could be the winners in bookies' fee hike stoushCorporate bookmakers are set to offer more promotions for punters on Sydney and NSW meetings after the recent race fields fee and point of consumption tax hikes, which have left NSW the least-taxed racing product in the country. Big bookmaking firms are ready to abandon Victorian racing. Crownbet only offered bonus bet promotions on Randwick races last Saturday, and that is set to become the norm. Racing Victoria has completely underestimated the effect of its race fields fee hike and reportedly failed to model it before going to market.
Bookmakers have run the numbers on the 2017 Victoria race meeting program and, of 517 meetings, 508 show an increase in product fees under the new system and a significant majority would have double-figure increases in fees payable. Bookmakers are privately considering scaling back advertising deals with Racing Victoria’s media arm, racing.com, as a protest but will promote the state where they are best advantaged by the tax system, that is, NSW. Racing NSW chief executive Peter V’landys confirmed that there would not be an increase in NSW race fields fees – which are less than other states as they are on turnover only – to allow bookmakers to adjust to the new point of consumption tax starting in 2019. Racing NSW can sit back and watch the situation develop. Racing NSW already has the most-discussed race of the spring in The Everest and could be set for a boost in race fields fees collected as a result of promotions that will drive punters to bet on Sydney races. Provincial and country meetings are certain to be included in the promotions as bookmakers make their point. |
|
Sneck
Champion Joined: 16 Feb 2013 Location: Payout Queue Status: Offline Points: 7555 |
Post Options
Thanks(0)
|
I'm totally confused about the state of play pertaining to wagering.
|
|
Carioca
Champion Joined: 13 Nov 2015 Status: Offline Points: 21824 |
Post Options
Thanks(0)
|
Yes, the smarter they get , the more confused we become .
|
|
Imetrud
Foal Joined: 01 May 2018 Status: Offline Points: 7 |
Post Options
Thanks(0)
|
The same I have been discussing with a friend yesterday -- they got so smart over the years... |
|
maccamax
Champion Joined: 19 Jun 2010 Status: Offline Points: 41473 |
Post Options
Thanks(0)
|
Eventually they kill the goose that lays the golden egg.
It was V'Landy who once said , " Punters wouldn't know if they were paying 10% or 30% in deductions. |
|
Post Reply | |
Tweet |
Forum Jump | Forum Permissions You cannot post new topics in this forum You cannot reply to topics in this forum You cannot delete your posts in this forum You cannot edit your posts in this forum You cannot create polls in this forum You cannot vote in polls in this forum |