Sports Betting on the RisePublished December 21, 2008
New report predicts industry set to recover from economic downturn in the new year.
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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