Greyhound Racing Victoria (GRV) commit to maintain current prizemoney levels
In the wake of the shifting landscape of betting frameworks, Stuart Laing, the head of Greyhound Racing Victoria (GRV), has given an assurance to participants that prizemoney allocations will remain consistent for the foreseeable future.
This promise was made as Victoria's three racing codes – thoroughbred, harness, and greyhound racing – venture into the uncertain territory of a new wagering framework.
The assurance from Laing stands in stark contrast to the approach taken by Racing Victoria (RV), which recently announced a significant reduction in thoroughbred racing prizemoney for the 2023/24 season.
The $10 million cut is a consequence of a predicted $30 million funding shortfall for Victorian thoroughbred racing.
The decrease in revenue is primarily attributed to dwindling post-Covid wagering returns and the uncertainty surrounding the state's wagering license.
The situation has been further complicated by a recent increase in the Victorian Point of Consumption (POCT) tax rate, which has risen from 10% to 15%.
However, it's crucial to note that the scenario for greyhound racing in Victoria appears markedly different.
The past five years have seen the industry flourish, with never-before-seen returns for participants.
In the 2017/18 racing season, $45.4 million was distributed, a figure that swelled to $77.2 million in 2022/23, representing nearly 50% of the industry's overall revenue.
Despite facing a potentially volatile trading environment, Laing stated that there are no immediate plans to reduce prizemoney.
Laing acknowledged the challenges ahead, stating, “Wagering post Covid has softened, I don't think there's any great secret in that, but overall our product continues to be extremely popular and really resonate with punters.”
He reaffirmed GRV's commitment to maintaining the current returns to participants for the time being.
“I'm not ruling it out forever but as we stand for the moment GRV is committed to maintaining our current returns to participants”, he added.
Laing also mentioned that the organisation is exploring ways to streamline operations to ensure the industry's long-term sustainability.
The robust financial health of the Victorian greyhound racing industry was underscored last financial year when a record $3.7 billion was wagered on the sport, helping GRV to post consolidated profits of $14 million over the past two years.
This performance has put the industry on a solid footing for the future.
Greyhound betting has always been a key component of greyhound racing, first introduced in 1930 as a form of parimutuel betting, which is still popular today.
Despite the turbulent times ahead, Laing's commitment to preserving prizemoney in the face of changing wagering framework ensures the continued appeal of greyhound racing in Victoria, at least for the foreseeable future.
While the long-term impacts of these changes remain to be seen, the sport's enduring popularity, coupled with a history of resilience and adaptation, suggests that it may well navigate these challenges successfully.