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Back to listsFixed Odds At Hyderabad Malakpet From 19th July 2019
By Rakesh | 17-Jul-2019Hyderabad: The turnover of Hyderabad Race Club (HRC) continued to drop drastically and this has resulted in crippling the horse race industry in the country, particularly in Hyderabad, according to N Surender Reddy, chairman of the club. The monsoon season starts from July 18 and will conclude on October 28.
Speaking to media persons on Monday night while announcing the start of the 28-day Hyderabad Monsoon season, Reddy said the impact of GST on wagering on horse racing has drastically diminished the revenue of the club.
“The Government had imposed 28 per cent GST on horse racing as compared to the average of 7.5% betting which was prevailing earlier prior to July 2017.”
“The turnover at the Totalizators of the club before the introduction of GST in 2016-17 was 1,275 crores. However, once the GST was imposed, the turnover dropped to Rs 760 crores in 2017-18,’’ said Reddy.
Reddy added that it fell further to Rs 630 crores in 2018-19, a fall of nearly Rs 57.5 crores as compared to 2016-17.
The HRC has requested the authorities concerned to review the method of computing GST on wagering in horse racing. “Our representation seeking review on the method of GST on horse racing would address all issues of the racing industry, both in the short and long run,’’ said the statement.
Meanwhile, the HRC has introduced two new pools in the list of existing pools on TOTE for the patrons at HRC and its Off-course Tote centres ie Third Horse Pool (THP) and Mini jackpot pool. These two new pools will continue to be operational during the monsoon season.
Reddy also said HRC has permitted M/s Razor Gaming Pvt Ltd to start the Fixed Odds Betting (FOB) at the Malakpet Race course. This will commence from July 19.
The two salient features of FOB: No receipts less than Rs 100, inclusive of GST for win/place/SHP/THP, shall be accepted at the Fixed Odds Betting terminals and in multiples of Rs 50 thereof. The placing of odds will be at the sole discretion of FOB.
As for the season, it will comprise 172 races, including eight major events. There will be 10 Category 1 races while there will be 81 and 73 Category II and Category races respectively.
The Monsoon session will consist of seven Sundays, 14 Mondays, one Thursday, three Wednesdays, two Fridays and one Tuesday. A total of 60 trophies will be presented during the Monsoon session.
Courtesy https://telanganatoday.com/gst-is-crippling-horse-racing-reddy