The thought is there but Kevin is not always accurate with the figures. In SA, for example, the POCT is based on the bookies' profits per race, not on turnover. No surplus = no tax. All Kevin's examples are based on turnover.

In that context, the corporates' complaints about punitive taxing are wildly overstated. Competitively, there is a huge difference between their costs and the TABs' costs, so they have a lot to play with (part of which they spend on sponsorships).

I agree with the original hope that the corporates would stir up a moribund betting market. I encouraged them for that reason. Practice has shown that they have rip off prices, unfriendly conditions and, in total, have served to split up the market into unusable pieces. It's like suddenly moving from three local supermarkets to six without changing the population. Some will lose money, some will fold, all will struggle. (Which is why you have already seen rationalisation and withdrawals from the sector).

On greyhounds, if you have a $10 Quinella bet now you will significantly affect the payout. The same goes for a $100 TAB Win bet. You may have a nice win today but you will not finish in front at the end of the year.

In this sense, Ben Chifley was right. You have to nationalise the betting pools to give consumers a fair go. There is no other worthwhile option. Let the sellers compete on service - transparently.