Legal soccer gambling proves a good bet

Ever since football betting was legalised almost a year ago, there has been one popular guessing game on which odds have not been offered - how attractive it would prove to be with the public.

We were given the best indication yet when figures were released for the first time by the Jockey Club last week. The verdict is one of moderate success and plenty of promise.

The statistics were a welcome boost for the club at a time when it is troubled by a seven-year decline in revenue from horse racing. This, as we report today, has prompted consideration of radical moves to hold race meetings all year round.

So the revelation that gross profits from football betting have exceeded expectations is good news for the club - and the charities that it helps fund. They totalled $3.3 billion for the first 11 months.

Part of the reason for this, however, was the success enjoyed by a number of unfancied teams - notably the victorious Greek national side in Euro 2004. Fortune may not be so kind to the club next year, and the level of profits might therefore be difficult to maintain.

The government should be happy with the additional revenue brought in by football gambling. It came close to meeting the $1.8 billion target.

But all eyes were on the turnover - an indication of the extent to which legalised football gambling has caught the public's imagination. Here, the results were a little disappointing. The figure of $16.1 billion is about half of the anticipated sum. But this is largely due to the gradual approach adopted, which has seen different types of bets rolled out over the course of the year. The turnover can be expected to increase as legalised football betting gains more of a foothold.