Outgoing Racing Victoria Chief Executive Giles Thompson says Victorian racing is in a healthy state after releasing figures of the first six months of the 2021-22 financial year.
For the first time wagering burst through the $5 billion mark in the opening six months of the financial year, a rise of 5.4% year-on-year.
While profit on that turnover fell “two or three per cent” it still surpassed RV’s budget expectation.
Crowds are now back on course, although attendances were again impacted with no spectators on-course from July 21, 2021 through until the end of October.
By the end of December 230,876 people had attended a race meeting in Victoria, compared to 26,925 in the same period in 2020/21.
However, attendance was only a quarter of that achieved pre-COVID requiring RV to provide supplementary funding support to Clubs, totalling $64 million over the past two years.
RV handed out $149.65 million in prize money and bonuses across the six months, an increase of 8.4% year-on-year, delivering a nation high average of more than $72,000 per race.
Parimutuel turnover grew for the first time in several years, up by 2.3% to $0.91 billion while metropolitan racing accounted for 57.2% of turnover, up from 55.5% in the corresponding half last year.
A record $223.8 million was wagered on the Melbourne Cup ensuring it comfortably remains the highest turnover race in the nation.
Field sizes remain strong in Victoria with only 12.4% of flat races conducted with less than eight runners with South Australia the nations next best with 16.4%.
“This is a positive set of racing and wagering results for the first half of the 2021-22 financial year, which demonstrates the strength and overall health of the Victorian thoroughbred racing industry despite the many challenges presented by the COVID pandemic,” Thompson said.
“Victorian racing is in good health, with many things to be positive about including a record $286.5 million in prizemoney and bonuses on offer which represents an increase of over $110 million or more than 60% since 2015.”