- Young punters are likely to get caught out
- Race is the biggest day on the calendar for bookies
The race that stops the nation is almost upon us with thousands of Aussies looking to to place a bet – but those heading to Flemington Racecourse could be in for a big shock if they try to use their cards to pay for their punts.
Australia is rapidly shifting towards becoming a cashless society, but those attending the Melbourne Cup on Tuesday will find out that cash is still king.
Digital payments haven’t taken over the racecourse and an expert claims it will remain that way for a long time.
‘The big problem is trying to get technology that is adaptable or suitable for bookmakers,’ Victorian Bookmakers Association (VBA) co-chair Lyndon Hsu told Yahoo.
Hsu says that cash just works much better in the fast-paced world of bookmaking – especially if the bookmaker is paying out.
‘If I was to do it there and then, I’d have to log into my bank, I’d have to get your bank account details, I’d have to load it up, I’d be spending a minute just trying to create a profile to pay funds into your bank account, let alone into your card,’ he said.
‘There’s nothing like cash because if you turn up with a $20 note, I can call out $20 on the three, and the ticket will be out within two seconds and you’ll be on your way.
‘As soon as you go electronic, it really slows everyone up because you’ve got a tap, you’ve got to wait for approval, you’ve got to check that it’s gone through, and then the ticket is processed, and then you’ve got to deal with paying it out.’
Australia is shifting towards becoming a cashless society, but those attending the Melbourne Cup on Tuesday will find out that is important to have cash
Having cash makes the business exchange quick and easy
Many young Aussies attending the races for the first time have grown up with cards and are getting a shock when they want to place a bet.
‘The challenges that bookmakers have faced in recent years is that the younger generation of punters are turning up to the track with their debit cards and their smartphones to try to pay electronically,’ Hsu said.
Meanwhile, new research has revealed that Aussies spend more using cards than they do when paying in cash.
The joint study by the University of Adelaide and the University of Melbourne concluded that the rapid shift towards a cashless society is making it more difficult for customers to track how much they are spending.
Younger racegoers are often surprised when they can’t use their card to place a bet
‘To prevent spending more than planned, we recommend consumers carry cash instead of cards whenever they can, as it acts as a self-control method,’ said University of Adelaide PhD Student Lachlan Schomburgk.
He explained that consumers should be mindful of 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 notes and coins, making the act of spending more salient.’
‘If nothing is physically handed over, it’s easy to lose track of how much is spent.’
