The following quote is taken from here:
http://www.parliament.nsw.gov.au/pro.../LC20080401011
"I am informed that the New South Wales TAB shares the lowest take-out rates of any racing totalizator operator in the world. For example, the return to punters in Australia of around 84 per cent of total wagers compares with around 77 per cent in the United Kingdom, 69 per cent in France, 74 per cent in Japan and 79 per cent in the United States."
France @ 69%? Don't know what the handicapping is like there but it wouldn't surprise me if you could see two horses under $2 on the same race.
Anyway, a lot can change in 4 years (that quote was from 2008) but Bronco perhaps NSW punters are just smarter than the rest re lower dividends?