GAMBLING ADS AND EFFECT ON HORSE RACING INDUSTRY IN AUSTRALIA
The horse racing industry in Australia has seen much progress over the last five years and has come together so that they can focus on the issues that the industry is affected by so that it can promote cooperation. As a commercial marketing executive of the ATF, I am tasked with marketing activities of the turf club.
This article addresses the need for a non-regulated gambling ad in the horse racing business. The reasons are based on the economic impact of the horse racing betting on the lives of people as well as the industry itself in relation to the economic times. Horse racing is an extremely social activity as experienced by research conducted on the industry and the punter’s behaviors.
From the statistics resulting from the study, close to two-thirds of the punters have been introduced to the activity by their friends and sometimes their relatives (Pilkington, M. & Wilson, G, 1993, 58). A closer look at their behaviors showed half of these punters only made bets in groups. Therefore, horse racing can attract people of all wakes of life, independent of their social classes, genders or even age. Another impact that the horse racing industry has had on the people is that it has created jobs for over 300,000 people to date.In addition to this, the horse racing industry relies on the revenues from betting to fund their operations. The horse industry has been estimated to generate over USD$ 329 million on average from any and all horse related business activities (Gordon J., 2001, 8).
These include events and the expenditure on the maintenance of horses. The most crucial part of this industry are the costs incurred when maintaining the horses. On the hand, wagering has always been an entertainment and a major contributor to the revenue for governments. The economic contribution made by wagering is estimated on how well they can deliver the entertainment and not how much value is in the entertainment. Finally, the RIRDC program for horses has seen the R&D industry grow exponentially and consolidate efforts, which in turn has boosted the research efforts for other institutions. Also, it has aided in creating a mechanism that is used to share all research findings and improve the dissemination of the research findings (Ike B., 1996, 538).With this information, most of the gambling operators who wish to advertise their products and services, they are expected to meet a comprehensive framework constituted of laws, codes and legislations. The effect that this is having on the industry is that it is reducing the competitive dynamism of the industry as well as the consumerism.
The regulation of gambling bans acts as a trade restriction which may limit the number of outlets both domestically and globally. The industry relies on marketing to attract potential participants to increase the revenues and profits. Evidently, the horse racing sector has a significant input in the tax revenues for the Australian government (Racetrack Magazine, 2002, 402). Through …