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Bookies punt on 'blast-out' splurges

15 October 2008

MELBOURNE, Australia -- As reported by The Australian: "The first day of Melbourne's spring racing carnival recorded a 17 per cent jump in crowd numbers, lending weight to the theory that Australians are more likely to gamble in bad economic times.

"Saturday's Caulfield Guineas was watched by 24,405 people - the largest figure at the track since 1983 and almost 4000 up on last year's attendance of 20,786.

"Andrew Lemon, author of The History of Australian Thoroughbred Racing, expects punters to splurge this spring, despite the impact of the credit crisis and forecasts of a global recession.

"...Research by The Australian, using figures compiled by Lemon from Victoria Racing Club's annual financial reports, suggests the theory, while not water-tight, has held true in recent times..."

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