Why punters at Flemington could be in for a very nasty surprise as they try to put bets on the Melbourne Cup

The race that will bring the country to a standstill is just around the corner, with thousands of Aussies looking to place a bet – but those heading to Flemington Racecourse could be in for a big shock as they try to use their cards to pay for their punts.

Australia is rapidly moving towards a cashless society, but those attending Tuesday’s Melbourne Cup will discover that cash is still king.

Digital payments have not yet taken over the racecourse and one expert claims this will continue for a long time.

“The big problem is trying to get technology that is adaptable or suitable for bookmakers,” Lyndon Hsu, co-chair of the Victorian Bookmakers Association (VBA), told me. Yahoo.

Hsu says cash simply works much better in the fast-paced world of bookmaking, especially if the bookmaker pays out.

‘If I did it there and then, I’d have to log into my bank, I’d have to get your bank account information, I’d have to charge it, I’d have to spend a minute trying to create a profile to get money into 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 shout $20 out of three, and the ticket is handed out in two seconds and you’re on your way.

“Once you go electronic, it really slows everyone down because you have a tap, you have to wait for approval, you have to make sure it went through, and then the ticket is processed, and then you have to deal with paying it out.” ‘

Having cash makes business quick and easy

Many young Aussies attending the races for the first time have grown up playing cards and are in for a shock when they want to place a bet.

“The challenges that bookmakers have faced in recent years is that the younger generation of gamblers are coming onto the track with their debit cards and their smartphones to try to pay electronically,” Hsu said.

Meanwhile, new research has shown that Aussies spend more with cards than when they pay with cash.

The joint research from the University of Adelaide and the University of Melbourne concluded 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 that consumers carry cash instead of cards whenever they can, as this acts as a self-control method,” said University of Adelaide PhD candidate Lachlan Schomburgk.

He explained that consumers should be aware 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 banknotes and coins, making spending more noticeable.’

“If nothing is physically transferred, it can be easy to lose track of how much is being spent.”