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$14m From Unclaimed Bets To Vic Racing Codes

Monday, 7th February 2011

Meanwhile the 3 racing codes in Victoria "are poised to reap more than $14 million from unclaimed betting tickets, with a $500,000 injection going to jumps racing" reported The Herald-Sun. Victorian Racing Minister Denis Napthine "has convinced Premier Ted Baillieu & Treasurer Kim Wells to redirect revenue from unclaimed or lost TAB tickets from July 1". The annual sum of about $14 million "used to wind up in consolidated revenue & was spent on projects such as roads & hospitals". However Napthine confirmed: "But I was able to convince the Premier & the Treasurer that this is racing's money, punters' money & that it should go back into racing." He said the money would be directed to areas including "the Living Legends home for retired champion gallopers, upgrading amenities at racetracks & jumps racing, & greyhound racing's retired greyhound placement program".

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