Centrebet Closes Trackside Betting Venues in Australia

Bookmaker Con Kafataris will stop taking bets after 34 years at Sydney Horse racetracks to concentrate on his online betting agency, Centrebet. An example of how things are headed in Australia's betting habits of late. The managing director of Centrebet said he will close CK Racing, the track side bookmaking operation, after the Easter racing carnival because of regulatory reforms and other issues. Punters in downunder have held up Centrebet's profit margin by wagering $304 million online in the first half of the fiscial year. "It's a combination of factors; the global financial crisis which started a year ago has impacted the high-end recreational punter that would come to the track," Mr Kafataris said. "They stopped coming to the track or they reduced their activity." Adding, "I've been doing it for 34 years and after Easter I will be working online. It's a shame; it's going to be sad when I have my last day." The local online wagering turnover is 24 per cent higher than in the first half of the 2009 financial period. Mr Kafataris said the performance was strong given the current economic and business conditions. Explaining "From our perspective it's a very strong result; the wagering business as everyone has said has proven to be very resilient," he said. "The general public continue to like to have a flutter." Punters in Australia are not going to the track to bet anymore. Only around 200 people out of 6500 at the races actually places a wager. Centrebet has been thinking ahead and is positioning itself for a takeover by adjusting it's operations in Europe by streamlining and reducing costs. The closing of track side betting venues has been a difficult but necessary move. It is the shareholders that are sure to be pleased as this company continues to show a healthy profit and good growth potential.