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Fixed Odds At Hyderabad Malakpet From 19th July 2019

By Rakesh | 17-Jul-2019

Hyderabad: 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

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5 Replies

Sudesh said ...

23-Jul-2019

another strong reason to drop in collection is most punters now betting online. before no one aware of that. but now they can do it easily with mobilephones.they get full payouts without any taxes,

Naresh said ...

18-Jul-2019

Bookies celebrate the announcement with high fives, they write their own betting on that horse and submitt for the percentage decrease.

In hyderabad a horse for win amount 1000+ and in place 100+ in tote withdraws, still we have a 12% deduction. Dont know which idiot has so much money to play place at bookies for that particular horse.

P G said ...

18-Jul-2019

Mr ABBAS J,

If you want to learn and know more about horse racing, pl meet some senior punters  .From your write-up, you seem to be a novice in this field. Racing is not for people with half knowledge, they will only loose what they have.Just ask the bookies how much money they save in each race by way of withdrawals. This will give you some idea of the nexus between the bookies and clubs.

Withdrawals in 90 % of cases is a very big scam, remember this.

 

Abbas J said ...

17-Jul-2019

@ P G

Hello All, 

PG you don't know basis knowledge of racing, If horse got withdrawals is not any profit to Club. It's loss to Club and Punter's get refunded on withdrawals horses. In your home/house while eating food is the same price you spending on buying Rice, Wheat, oil, vegatables groceries ete Prices gone up and you and your family spending money on every aspect of life. As per Bookies you should know, Bookies are cheating taxes and club revenues, It's now you look out. Income tax dept look out, That's why Income tax dept trying hard to catch bad and corrupt bookies. My advice to you stop playing horse racing or gambling. No one win anything except every few punter's and even owner's, Jockeys and Trainers lost their money all the time. 

Still you want to play just play 5 rupees and 10 rupees only just for fun and enjoying.

Good Luck All

 

 

P G said ...

17-Jul-2019

Mr Reddy has not mentioned why the club allowed the caterer's to increase the price of all eatables. Why did he do so ? Increase in prices was not essential and not justified. Why are the club members getting all these at highly subsidised rates. Prices now are very near the prices at hotels and restaurants. Punters demand the club subsidise much more all eatable items at the club without any delay and excuses. Food items are not ment for the members only  to enjoy at very low prices.

Mr Reddy should explain as to why many chairs are being frequently taken away from the 1st enclosure. Extra chairs were brought because punters demanded for them last year.Even now, punters and senior citizens get no chairs to sit for almost 5 hours.

Why are private agencies allowed to run the fixed odds tote ?Let it be run as is the case in RWITC.

Mr Reddy should also explain why the entrance fees have lately been increased by 50% or more. 

Last but not the least, punters want to know where all the money is going after huge collections from the bookies and races and deductions on withdrawals virtually on a daily basis.?????

More T V sets are required and the sound system is the worst among all the clubs in India. Nothing is being done in this regard since few years inspite of complaints being lodged.

Hope the chairman looks into these issues also.