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Racing Victoria announces 8.4% increase in wagering, hits $6b

Tue, Aug 22, 4:49pm by Staff Writer

Racing Victoria (RV) is in a healthy financial position, announcing at a media day on Monday that revenue from wagering over the past year has surpassed $6 billion for the first time, a turnover increase of 8.4 per cent.

The total eventually reached $6.24 billion, which was the headline of a review that also outlined that the number of owners in Victoria topped 68,000 for the first time, which was an increase of 16.5%.

In a statement, RV chief executive Giles Thompson also outlined nation high attendances state-wide of 1.34 million, an impressive figure considering that the Flemington grandstand was being redeveloped in the second-half of the year.

Country racing attendances were up 1.5% on the previous year, which helped to off-set the drop in attendance at headquarters, due to the aforementioned redevelopment.

The Warrnambool May Racing Carnival attracted more than 30,000 people, making it one of the best attended events outside of the Spring Racing Carnival.

The four Standalone Saturday meetings in country Victoria were another success in terms of attendances, they were up just over 18% on average.

Prizemoney was also on the up, TAB meetings saw a rise of 3.1%, which takes the average to $369,302 per meeting.

“These results are the work of many stakeholders across the industry with their efforts supported by our wagering partnerships, key programming enhancements, media strategy and continued investments in infrastructure, tracks, integrity and welfare.” Thompson said.

“This is a strong result with turnover increases offsetting reduced returns to the three codes from the Tabcorp Joint Venture.”

The results were from the 12-month period from 1 August 2016 to 31 July 2017 and Thompson said that there would be more good news coming when the official report is completed in the coming months.

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