Tabcorp’s meltdown on Stakes Day has resulted in a $24m wagering decline.
Despite the glitch, which led to the 28-hour shutdown of TAB retail and digital wagering operations, Racing Victoria has reported $667.3m — up six per cent — in domestic turnover across the Flemington Carnival.
Turnover plummeted from $104m last year on Stakes Day to $80m — a 23 per cent decline year-on-year. Corporate bookmakers provided 87 per cent of the turnover on Stakes Day — up from 55 per cent last year.
A record $221.6 million was wagered across Australia on the 2020 Melbourne Cup — up 17.3 per cent on 2019 — with corporate turnover growing by more than 50 per cent.
A record $365 million was wagered on the Melbourne Cup Day meeting — up 17 per cent.
Turnover on Derby Day grew by 11 per cent ($141m), but Oaks Day ($82m) dipped six per cent.
Racing Victoria chief executive Giles Thompson said the impact of TAB’s outage would cost the industry more than $2m.
“We were incredibly disappointed with the TAB outage on Stakes Day and we have seen that reflected in the results with a 23 per cent decline in turnover on the meeting,“ Thompson said.
“The estimated impact of that incident on the thoroughbred industry’s bottom line will be in excess of $2 million.”
The success of the Melbourne Cup Carnival boosts the financial health and viability of the sport. Digital wagering on Cup Day increased from 66 per cent last year to 78 per cent.
Victoria Racing Club chief executive Steve Rosich was delighted with the results.
“In a year like no other, the record growth in wagering turnover for the Lexus Melbourne Cup confirms its status as ‘the race that stops a nation’,” Rosich said.
“While strong engagement from members and fans across the four days of the Melbourne Cup Carnival emphasises its place in the heart of Australians.”