GRV is a ‘non budgeted government entity’ and obtains its funds from the activities that it manages on behalf of the greyhound industry in Victoria.
GRV revenue is generated from four main sources:
- Vic TAB Joint Venture Revenue
GRV is a party to a three-code Joint Venture with Tabcorp Holdings in the conduct of the Victorian Wagering & Betting Licence. GRV receives a share of the profits generated by the Joint Venture business, coupled with product and program fees payable to the three codes.
- Racefields Fees
GRV approved Wagering Service Providers (bookmakers and TABs) pay product fees to GRV based on their turnover generated on all greyhound race meetings conducted in Victoria.
- Vision Rights Fess
GRV receives payments for the rights to broadcast Victorian greyhound races domestically and internationally through channels such as SKY Racing, in TAB venues, and streaming on TAB and other wagering operators’ apps, websites and digital assets and via Free-to-air television.
- Point of Consumption Tax (PoCT)
GRV, along with the other two codes of racing in Victoria, receives a share of revenue generated through the Point of Consumption Tax (PoCT) charged by the Victorian government to wagering operators based on their net wagering revenue for all bets placed by Victorian residents.
In addition GRV receives contributions from the state government’s Victorian Racing Industry Fund (VRIF) which provides funding to the Victorian racing industry to support the sustainability and growth of thoroughbred, harness and greyhound racing. The fund provides grants for animal welfare initiatives, club infrastructure upgrades, breeding programs, integrity measures and race day attraction programs across Victoria.
For more information please refer to the GRV Annual Report.
The Victorian greyhound racing industry contributes significantly to the state’s economy generating more than $540 million in annual economic benefit to the Victorian economy, and 4,300 full time equivalent jobs. For more information please refer to the GRV Economic Contribution Report.
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:
- Returns to participants through prizemoney, bonuses, travel and starters’ fees
- Integrity and compliance management
- Greyhound welfare management and the Greyhound Adoption Program
- Club funding and race meeting operating costs
- Raceday operations including lure drivers, judges, veterinary services and video production
- Club and racetrack infrastructure maintenance and development projects
- Community initiatives such as The Great Chase
- Administration and promotion of greyhound racing
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