- Young bettors likely to get caught out
- The race is the most important day on the calendar for betting houses
The race to stop the nation is almost here and thousands of Australians want to place a bet, but those heading to Flemington Racecourse could be in for a big surprise if they try to use their cards to pay for their punts.
Australia is moving rapidly towards a cashless society, but those attending the Melbourne Cup on Tuesday will find that cash is still king.
Digital payments have not taken over the racetrack and one expert says they will continue that way for a long time.
“The big issue is trying to get technology that is adaptable or suitable for bookmakers,” Victorian Bookmakers Association (VBA) co-president Lyndon Hsu said. yahoo.
Hsu says cash works much better in the fast-paced world of betting, especially if the bookmaker pays out.
‘If I had to do it right then, I’d have to log into my bank, I’d have to get his bank account details, I’d have to load it, I’d be spending a minute trying. “You need to create a profile to fund your bank account, let alone your card,” he said.
‘There’s nothing like cash because if you show up with a $20 bill, I can charge $20 for all three, the bill will come out in two seconds and you’ll be on your way.
‘As soon as you go electronic, everyone slows down because you have a tap, you have to wait for approval, you have to verify that it’s approved, and then the ticket is processed, and then you have to deal with paying for it.’
Australia is moving towards a cashless society, but those attending the Melbourne Cup on Tuesday will find it important to have cash.
Having cash makes trading quick and easy
Many young Australians attending races for the first time have grown up with cards and are in for a surprise when they want to place a bet.
“The challenge that sportsbooks have faced in recent years is that the younger generation of bettors are coming to the track with their debit cards and smartphones to try to pay electronically,” Hsu said.
Meanwhile, new research has revealed that Australians spend more using cards than paying cash.
The joint study from the University of Adelaide and the University of Melbourne found that the rapid shift to a cashless society is making it harder for customers to keep track of how much they spend.
Younger racegoers are often surprised when they can’t use their card to place a bet.
“To avoid spending more than planned, we recommend consumers carry cash instead of cards whenever they can, as it acts as a method of self-control,” said University of Adelaide PhD student Lachlan Schomburgk.
He explained that consumers must take into account the payment method they use for goods or services, which is crucial in the current cost of living crisis.
“When using cash, people physically count and hand over bills and coins, making the act of spending more salient.”
“If you don’t physically deliver anything, it’s easy to lose track of how much you spend.”
