Sports Betting on the Rise

Revenue from horse and sports betting is set to grow in Australia in the 2008/09 financial year (ending June 30), The Age has reported.

According to a new report published by Australian-based Business Information provider IBISWorld, the industries are expected to rebound strongly after tough economic times caused a downturn in the 2007/08 financial year.

The racing industry was hit particularly hard in 2007/08, suffering a loss of 9.3 percent for year as a result of the effects of the equine flu scare.

The report also predicted that growth would slow to around 2.5 percent in 2009/10.

However, harder times are predicted for other gambling pursuits, such as gaming machines and the lottery, with disposable incomes expected to fall again in late 2009. Casinos are expected to suffer a drop of 1.8 percent in revenue this year, followed by a 2.3 percent drop the following financial year.

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