Contrary to some current commentary, the greyhound racing industry in Victoria is not ‘propped-up’ by state government funds. GRV is a ‘non budgeted government entity’ and obtains its funds from its own independent activities that it manages.
GRV revenue is generated from wagering service providers (bookmakers and TABs) paying product fees to GRV on the race meetings we manage, participants paying fees for certain activities. In addition GRV receives contributions from the Victorian Racing Industry Fund for projects that stimulate the growth of the industry. For more information please refer to the 2014/15 Annual Report here.
The greyhound racing industry contributes significantly to the state’s economy through wagering taxes,
In addition, the greyhound industry generates more than $300 million in economic benefit to the broader Victorian economy.
What is the Victorian Racing Industry Fund (VRIF)?
The Victorian Racing Industry Fund is a fund setup by the State Government to control and appropriately distribute unclaimed dividends and oncourse wagering taxes attributed to TABCORP back into the Victorian Racing Industry.
GRV and its clubs are eligible to apply for VRIF grants for infrastructure improvements, welfare initiatives, integrity initiatives, initiatives to increase attendance at greyhound race meetings and for projects that stimulate and grow Victoria’s racing industry.
What are unclaimed dividends and oncourse taxes?
Unclaimed dividends are winning dividends that are left unclaimed due to punters losing their wagering tickets, forgetting about them or throwing them away. Any dividends unclaimed for six months will be paid to the Victorian government
Oncourse taxes are taxes resulting from the bets being taken on course and are payable by TABCORP to the Victorian Government.
Where does GRV’s money go to?
GRV is a not-for-profit organisation and all monies are distributed back into the Victorian greyhound racing industry and broader community through areas such as:
- Prize money and Travel fees for members
- Integrity and compliance initiatives
- Greyhound welfare initiatives and the Greyhound Adoption Program
- Clubs and race meeting operating costs (filming & radio coverage)
- Club and race track infrastructure
- Community initiatives such as The Great Chase
- Administration of greyhound racing