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Australia horse and sport betting industry growth to slow


Revenue in Australia’s horse and sports betting industry is expected to have grown at a compound average rate of 2 percent in the five years through to 2014-2015 to reach $3.6 billion, though growth is slowing, according to a report from IBISWorld.

Demand for other gambling activities has slightly restricted revenue growth, as other activities such as casino games and electronic gaming machines have been competing for gamblers' discretionary dollar.

Sports betting is still a small product segment, but is the fastest growing segment in the industry.

“This segment has grown at the expense of on-course totalisators at horse races,” said IBISWorld industry analyst Spencer Little.

“Consolidation has also occurred over the past five years, as several larger companies have increased revenue and market share concentration through the acquisition of smaller betting firms,” he said.

The industry is expected to continue to grow over the next five years, despite facing a few challenges. Traditional TAB outlets are likely to struggle significantly due to the popularity, accessibility and user-friendliness of online and smartphone betting services. Revenue generated from wagers placed on horse and harness races is also expected to continue to decline as betting on sporting matches continues to gain a foothold and is heavily promoted.

 

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