Once the excuse for shrinking Tote figures was migration over to Fixed.
But that has now done its dash.
For the first time the latest Tabcorp numbers saw both the Tote and Fixed fail.
Meanwhile Flutter (Sportsbet's parent) saw Australian revenue rise!
The Trifecta figures (shown above) also hold bad news.
The Totes had a monopoly on them, so there was nowhere else to migrate to. But they have also been taking a severe hit.
We don;t know how well the Trifecta Best Tote Corporate has been embraced but it's hard to see how that won't harm Totes further.