Racing’s big gambling problem, and why it’s hurting punters

October 11, 2026 — 7:30pm

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Blinkers On is a weekly column covering the biggest issues of the spring racing carnival.

Racing has a gambling problem. The country’s rank-and-file punters are being ripped off.

For the umpteenth time across the weekend, punters who laid a winning bet with the TAB tote were sold short.

The culprit? The much-touted World Pool, a Hong Kong-based betting system that is merged with Australia’s tote, the TAB, for big races and on big race days as part of an ongoing agreement. They accounted for seven races at Caulfield and 10 at Rosehill.

The proof is in the dividends: winning sprinter Point Barrow paid $2.60 with the World Pool TAB, while returning $3.20 with the bookies. Another Caulfield winner, Land Legend, was rated a 70-1 chance by the bookies, but returned $44 on the World Pool Tab – that’s a big difference for someone having a $1 bet.

Social media lit up again on Saturday night about the issue and has been an ongoing lament for punters heading towards Melbourne Cup week.

Outspoken professional punter John Walters called it a “literal brutality for all punters” because the World Pool continues to retain a higher percentage of the investment – meaning a smaller return for punters.

He said the World Pool sits at 123 per cent. The fixed odds market (betting with bookies) sits at 115 per cent.

“The market percentage is higher, so, on average, all horses will be poor value in comparison long term,” Walters explained on X. “Doesn’t matter what you back.”

The World Pool concept was introduced as an alternative to fixed-odds betting, and to attract an international audience into the Australian market and create bigger pools of money. But it is hard to see it instilling any confidence.

Melham missing from Caulfield

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© The Age