Record Turnover In Victoria

Betting turnover in Victoria for the 2016/17 financial year has surpassed A$6-billion, the first time that milestone has been reached in Australia. The milestone was hit on the eighth race at Flemington on June 10, with three weeks remaining in the racing season. Fifty-three percent of turnover has been wagered on metropolitan racing and 47% on country racing. The average turnover per race has climbed 25.7% over the last three years to A$11.4-million.

Turnover on Victorian racing has grown by 24% over the last three years. Racing Victoria attributes this growth to a new media rights model, enhanced race programming and continued investments in integrity, welfare and tracks.

“We're delighted to reach this milestone, which is an important indicator of the health of Victorian racing and the faith that punters have placed in the quality and integrity of our sport,” said RV Chief Executive Giles Thompson. “Through the combined efforts of all stakeholders in FY17, the industry has delivered high-quality racing on well-prepared tracks that punters can view anywhere, anytime which has helped drive this increased investment. Strong wagering performances have allowed us to announce A$40-million worth of increases in prizemoney and bonuses since May 2015, with owners and participants set to compete for a record A$214-million in Victoria in the 2017-18 racing season. It has also allowed us to continue our significant investments in integrity, equine welfare, infrastructure, tracks and media to promote on-going growth in the sport and to support the 20,000 equivalent full-time employees in Victorian racing.”