Thursday, July 15, 2010
By Timur
The government has delivered a big blow to racing. It has increased the betting tax for all betting on the totalizators from ten to 20 per cent. Result: the betting amount on the tote – fixed odds included – has gone down. The suicidal policy of the government is inexplicable. And the betting tax with bookmakers remains the same – a killing 26 per cent. In Bangalore, it is 6 per cent and as a consequence the government gets a huge amount. The revenue minister is evidently getting some wrong advice.
The RWITC however is making extra efforts, exploring new sources of revenue in an effort at making ends meet. The club gets more money through sponsorships. This season in Pune, the club is getting second sponsorships and it is offering record prize money. The gross prize money is Rs. 6.92 crore and the sponsorship is over Rs. one crore. Mr.Vivek Jain, chairman of the club is also the chairman of the marketing and media working group. One of the big new sponsors is the McDowell. The Nanoli Stud Pune Derby sponsorship is nearly 75 lakh. Another big sponsor is the Poonawalla family who are sponsoring a multi-million race. In all, there are nine million races. The Irish Thoroughbred Marketing Group will support three races – including two millions – during the season. The club has decided to guarantee one million or more in all graded races. In addition to the Juvenile Million there are seven such races.
On most race days, there will be prizes and events including food carnivals, fashion shows, music and the Oktober fest patterned on the Munich been festival – promoted by the Indo-German Chamber.
Racing will go on in Pune – rain or shine. The special monsoon track – a Poonawalla family initiative – ensures that rains don’t stop racing.
