Greyhound Racing Victoria (GRV) tabled its 2011/12 Annual Report in Parliament this week, in what was another successful year for the fastest growing racing code in Australia.
In FY2012 GRV increased its market share by 0.7 per cent to 20.6 per cent giving the organisation the confidence to increase participant prize money returns to $30.4 million. In addition to this increase, the new Joint Venture Agreement between Tabcorp and the Victorian Racing Industry (VRI), which provides GRV with a more equitable share of Joint Venture profit, was the catalyst for GRV to announce a further $6 million increase to prize money for FY2013, taking total prize money to over $36 million.
- Market share increase from 19.7 per cent to 20.6 per cent;
- Stakemoney up 12.9 per cent to $30.4 million;
- Announcement of $36 million prize money milestone for next year;
- Signing of the wagering license in December 2011 with a much improved deal for GRV; and
- The redeveloped tracks at Healesville and Bendigo re-opening.
There was also significant investment of $9.8 million in various track developments during FY2012. This included the revamp of Bendigo, Healesville and the commencement of Ballarat along with many other track works and maintenance activities aimed at increasing the standards of Victorian greyhound racing. These projects were mostly funded from the $7.0 million set aside in the infrastructure reserve fund and also with the generous assistance of the State Government and Minister for Racing Dr Denis Napthine through the Victorian Racing Infrastructure Fund.
In June 2012 GRV responded to the Ombudsman