The Tasmanian racing industry can look forward to an exciting future of growth and investment according to Tasracing’s annual report tabled in Parliament today.
The Hodgman Liberal Government has worked hard to put the industry body onto a sustainable footing with Tasracing recording its second consecutive profit this year, along with increased wagering turnover and increased income from race field fees.
Because of the measures we put in place, racing revenue outside the guaranteed funding deed has increased from 16.4 per cent in 2011/12 to 29.8 per cent of overall income in 2016/17, which equates to an increase in income of $7.27 million.
Total racing revenue outside the guaranteed funding deed in 2016/17 was $13.1 million, up from $5.8 million in 2011/12.
Tasracing’s sustainable position enables investment back into the industry without any additional taxpayer funding, including two initial major infrastructure projects - the redevelopment of Luxbet Park at Elwick and a dedicated facility for the Greyhound Adoption Program.
In another positive, Tasmania became the first racing jurisdiction in Australia to provide free online live streaming of race meetings across all three codes in August 2016.
This was made possible because of Tasracing’s 10-year broadcast rights agreement with the Tabcorp-owned Sky Racing and has further enhanced the appeal of Tasmanian racing in the national wagering market.
Off the back of the increased digital presence and other Tasracing initiatives, wagering turnover in 2016/17 totalled $512 million, representing an 8.6 per cent increase from $472 million in 2015/16.
The resulting race field fee revenue increased by 11.5 per cent to $10.5 million in 2016/17, up from $9.5 million in 2015/16, and international revenue increased by 21 per cent to $829,336.
The Hodgman Government is creating a vibrant Tasmanian racing industry that is sustainable in the long term and I look forward to continuing to work with racing clubs and the broader industry, including Tasracing, to maintain confidence and certainty in an industry with a strong future.