Terrible dividends
State governments funnel millions of dollars each year into the greyhound racing industry. Breeding incentives, infrastructure and events grants, and appearance fees are all part and parcel of this taxpayer-funded support taken from state treasuries across Australia – all so that punters can make greyhound racing bets.
Yet, despite allegations of doping, money laundering, corruption and awful animal cruelty, the greyhound racing industry has been allowed to self-regulate, receiving very little – if any – government oversight and scrutiny.
So, what’s the return on this massive investment of public funds? An epidemic of gambling. Per capita, Australians gamble more than any other country, with $4 billion wagered on greyhound racing bets each year.
A Productivity Commission review estimated the total social cost of problem gambling to be at least $4.7 billion a year. And a 2014 Price Waterhouse Coopers report concluded that the NSW racing industry is a ‘consumptive sector’, and doesn’t ‘generate any significant productivity benefits to the rest of the economy’.