Cash Dominates Betting at Melbourne Cup as Technology Fails to Keep Up
- Australia is moving towards a cashless society, but betting at the Melbourne Cup relies on cash.
- Lyndon Hsu emphasizes the inefficiency of electronic payments for bookmaking at live events.
- Attendees should prepare for cash transactions to avoid surprises when placing bets at the racecourse.
As the Melbourne Cup approaches on November 5, 2024, attendees at Flemington Racecourse face a daunting reality regarding payment methods. While Australia is increasingly moving towards a cashless society, many betting operators still heavily rely on cash transactions due to the fast-paced nature of bookmaking. Lyndon Hsu, co-chair of the Victorian Bookmakers Association, highlights the challenges of electronic payments, which are slower than cash transactions. Young punters, unfamiliar with cash betting, experience surprises when attempting to use debit cards at the racecourse. Research indicates that Australians tend to spend more with cards than cash, complicating budgeting as electronic payments lack physical transaction visibility. Experts recommend using cash as a spending control measure, especially amid rising living costs, suggesting that attendees prepare for the cash requirement at the event.