Victorian turnover hits $6 billion mark

Brad Waters - Tuesday August 22

An interesting viewpoint opened Racing Victoria's summary of the numbers surrounding the 2016/17 racing season.

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Money rolled into Racing Victoria's coffers in the 2016/17 racing season.

RV chief executive Giles Thompson wrote, "opinions are often in the eye of the beholder and what one sees as the pivotal measures of success may differ from one to the other".

Whether that comment was a response to the criticism RV has received on many matters over the past year, it's clear the organisation viewed the season's turnover results as a great result.

Wagering turnover on Victorian racing hit $6 billion for the first time with the season's final figure of $6.24 billion representing 8.4 percent growth on the previous season's figure.

RV noted the wagering revenue it received rose 3.5 percent in the 2016/17 financial year despite a drop in the income generated from the joint venture agreement with Tabcorp.

Non-pari-mutuel betting turnover rose from $3.54 billion in the 2015/16 season to $4.22 billion last season and Thompson attributed the growth in that area to initiatives such as wagering partnerships, programming changes and money spent on tracks, integrity and welfare.

RV reported turnover on country meetings was up by 10.4 percent with the Thursday night timeslot producing the biggest growth of 25.8 percent.

Racing drew more than 1.34 million attendees, on a par with last season, while more than 68,000 owners have had a runner on a Victorian racetrack in the last two seasons.

The Racing Victoria summary of last season's data also stated the first year of the introduction of the minimum bet limit for bookmakers resulted in 50 complaints that could be adjudicated.

"The numbers show that Victorian racing is financially healthy and that customer engagement is strong with wagering surpassing $6 billion for the first time, nation-high attendances maintained and nearly 70,000 owners participating in Victorian racing," Thompson said.

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