Greyhound racing: Dog racing ban could see up to 10,000 NSW jobs in jeopardy
THE banning of greyhound racing in NSW has thrown approximately 10,000 jobs into jeopardy, while Tabcorp’s share price has fallen by 6.1 per cent.
Business
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- NSW greyhound racing industry to be shut down from 2017
- Animal welfare group praise ban as ‘historic day in Australia’
- Racing suspended for seven days
- Live piglets, rabbits and native wildlife used to ‘blood’ dogs
THE banning of greyhound racing in NSW has thrown approximately 10,000 jobs into jeopardy, including breeders, trainers and pen attendants.
The industry, which brought $335 million in revenue to the NSW economy in 2014, has been shut down by Premier Mike Baird in response to last year’s live baiting scandal.
The NSW greyhound racing industry employs 10,000 paid employees who are now facing a tense wait to see what happens next.
The market reacted strongly to the midday announcement, with gambling stock Tabcorp’s share price falling 28 cents, or 6.1 per cent within two hours to $4.31.
A statement from the company said greyhound racing represents around 5 per cent of its total wagering turnover, which was $3.06 billion in the three months from January to March 2016.
“That in itself is significant,” said Ric Spooner, Chief market analyst at CMC Markets.
“Investors would be cautious about the potential for further, similar moves, for example greyhound racing in other states potentially and also horse jumps racing in Victoria and South Australia.”
Tabcorp said its media business, Sky Racing, will work with other Australian and international racing industry bodies to source alternative racing to replace the broadcast of greyhound races in NSW.
NSW Premier Baird today announced greyhound racing will be shut down in the state from July 2017 after a state parliamentary inquiry found overwhelming evidence of animal cruelty.
The inquiry’s report, released Thursday, found between 48,000 and 68,000 greyhounds were killed in the state in the past 12 years because they were deemed uncompetitive.
It also found up to 20 per cent of trainers had engaged in “live baiting” — feeding live animals to the dogs — and that on average 180 greyhounds a year suffered critical injuries during races.
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