Low betting taxes, celeb guests: How RWITC aims to attract Mumbai millennials to horse-racing
Under the existing tax regime, Rs 28 out of every Rs 100 betted goes to the government.
By Rohan Abraham, ET Bureau |
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The appeal of the racecourse is manifold – encompassing glamour and the lure of the jackpot. But horse-racing has fallen on hard times.
“Racing is in a bad way. Attendance has gone down by almost a half since GST of 28 per cent came into effect,” said Adil Gandhy, former chairman of the Amateur Riders’ Club and a senior member of one of the premier sports clubs in the country, the Royal Western India Turf Club (RWITC) in Mumbai.
“I hope the tax rate is reduced,” said Gandhy, the son of the late art connoisseur Kekoo Gandhy. “There is illegal betting through bookies. If people can bet legitimately, then it will benefit both racegoers and the government.”
Under the existing tax regime, Rs 28 out of every Rs 100 betted goes to the government, driving punters to seek better value elsewhere. Moreover, racing has struggled to attract youngsters, many of whom have migrated to online betting platforms to assuage their impetuous streaks. The sport also has an image problem, with its reputation as a decadent pastime of the well-heeled. Calls for the Mahalaxmi Racecourse in Mumbai to be converted into a public park have grown louder since the Shiv Sena started a concerted campaign in 2014. The iconic property, built in 1883, is currently on lease from the Sena-controlled BMC to the RWITC.
It was an evening dedicated to literature and poetry in Kolkata recently with several noted writers, authors and artists under one roof.
Here: Art curator Alka Pande at the event.
“Youngsters have new distractions like computer games and online fantasy sports. It is difficult to cultivate an interest in horse-racing,” Gandhy said. According to a report by KPMG and the Indian Federation of Sports Gaming (IFSG), the fantasy sports and gaming industry in India was worth Rs 4,380 crore in 2018. Racing, on the other hand, remains niche. The RWITC posted a loss of Rs 1.19 crore after depreciation, for the financial year ended March 2018. But it is a major improvement from FY17, in which they suffered a loss of Rs 17.03 crore.
Pruning of losses
“To raise the profile of the sport, I have been trying to bring in more celebrities to the races and also to get them to acquire stakes in horses,” Gandhy said. He recently convinced actor Randeep Hooda — who already had five riding horses — to buy a stake in a three-year-old running horse.
RWITC is also looking at creating a holistic package tailored around racing to stop the exodus of high rollers. Night racing and dining, which debuted at the RWITC in April 2015, has been revived, and officebearers of the club are toying with other tweaks to enhance footfalls.
“Racing is in a bad way. Attendance has gone down by almost a half since GST of 28 per cent came into effect,” said Adil Gandhy, former chairman of the Amateur Riders’ Club and a senior member of one of the premier sports clubs in the country, the Royal Western India Turf Club (RWITC) in Mumbai.
“I hope the tax rate is reduced,” said Gandhy, the son of the late art connoisseur Kekoo Gandhy. “There is illegal betting through bookies. If people can bet legitimately, then it will benefit both racegoers and the government.”
Under the existing tax regime, Rs 28 out of every Rs 100 betted goes to the government, driving punters to seek better value elsewhere. Moreover, racing has struggled to attract youngsters, many of whom have migrated to online betting platforms to assuage their impetuous streaks. The sport also has an image problem, with its reputation as a decadent pastime of the well-heeled. Calls for the Mahalaxmi Racecourse in Mumbai to be converted into a public park have grown louder since the Shiv Sena started a concerted campaign in 2014. The iconic property, built in 1883, is currently on lease from the Sena-controlled BMC to the RWITC.
Here: Art curator Alka Pande at the event.
“Youngsters have new distractions like computer games and online fantasy sports. It is difficult to cultivate an interest in horse-racing,” Gandhy said. According to a report by KPMG and the Indian Federation of Sports Gaming (IFSG), the fantasy sports and gaming industry in India was worth Rs 4,380 crore in 2018. Racing, on the other hand, remains niche. The RWITC posted a loss of Rs 1.19 crore after depreciation, for the financial year ended March 2018. But it is a major improvement from FY17, in which they suffered a loss of Rs 17.03 crore.
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Pruning of losses
“To raise the profile of the sport, I have been trying to bring in more celebrities to the races and also to get them to acquire stakes in horses,” Gandhy said. He recently convinced actor Randeep Hooda — who already had five riding horses — to buy a stake in a three-year-old running horse.
RWITC is also looking at creating a holistic package tailored around racing to stop the exodus of high rollers. Night racing and dining, which debuted at the RWITC in April 2015, has been revived, and officebearers of the club are toying with other tweaks to enhance footfalls.
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