Greyhound Racing Victoria announces prizemoney cuts
Victorian greyhound racing is set to experience a reduction of $4.1 million in prizemoney due to a decrease in wagering revenue.
Greyhound Racing Victoria (GRV) has announced adjustments to prizemoney levels for the first half of 2024, revising the projected prizemoney returns for the financial year to $70 million, down from the record-breaking $74.1 million seen in FY23.
While a decline in turnover and revenue was expected, the recent trend has been more pronounced than anticipated.
To address this, GRV has already implemented cost-cutting measures amounting to $4 million.
The key changes involve reducing prizemoney for Grade 4 and higher races at provincial meetings, substituting fourth-place prizemoney with a fixed fee, and discontinuing match races on country cup nights.
Furthermore, unplaced prizemoney in Group 1 and Group 2 finals will be eliminated, along with a reduction in race prizemoney for country cup heats.
Additionally, the $50,000 bonus awarded for a greyhound winning three country cups in 2024 will no longer be offered.
According to GRV CEO Stuart Laing, the industry's revenue from wagering is under pressure, necessitating these changes to ensure its sustainability.
“Our primary focus has been on reducing prizemoney, for top-grade races, which we hope will only be temporary,” Laing stated.
Starting January 15, 2024, GRV will no longer provide funding for trials that were initially introduced as part of the COVID stimulus measures in 2020.
As a result, clubs will resume charging participants trial fees.
Additionally, there will be a review of prizemoney levels for all Victorian Group, Listed and feature races, which will be undertaken in collaboration with the state's greyhound clubs.
GRV Prizemoney Levels
| Year | Meetings | Races |
|---|---|---|
|
2019-20 |
1,187 |
13,971 |
|
2020-21 |
1,308 |
15,261 |
|
2021-22 |
1,302 |
15,264 |
|
2022-23 |
1,283 |
15,067 |
|
2023-24F |
1,275 |
15,124 |