Football betting closes gap on racing

World Cup could push Jockey Club's soccer turnover to $40b

The amount of money punters spend on soccer betting with the Jockey Club will total at least half of the amount wagered on horse racing by the end of this financial year, new figures are set to reveal.

Just three years after football betting was legalised in the city, the latest official numbers reveal that the gap between what is bet legally on racing and soccer is closing fast.

And with a betting frenzy - both legal and illegal - just a month away when the soccer World Cup finals kick off in Germany, the club has warned that the amount of money bet through underground syndicates by the city's punters could top $50 billion this year - more than three times the government's budget surplus for last year.

Jockey Club figures reveal that in 2003-04, horse racing turned over $65 billion and soccer $16.1 billion. In 2004-05, racing turnover had dropped to $62.7 billion and soccer revenue jumped to $26.7 billion.

Club insiders expect soccer turnover to break the $30 billion barrier when the figure for 2005-06 is announced in mid-July, with some predicting it could reach $40 billion if revenue from the World Cup is factored in.

This is higher than official expectations of $20 billion to $30 billion when the service was launched in August 2003.