Financial resilience, delivery of key infrastructure projects and improved greyhound welfare outcomes define the 2025-26 Greyhound Racing Victoria (GRV) Annual Report tabled in Victorian parliament last week, highlighting a year of targeted investment and measurable progress despite challenging wagering and economic conditions.

The report shows Victorian greyhound racing delivered its strongest welfare outcomes on record during the financial year, while maintaining an operating surplus and investing significantly in infrastructure and greyhound welfare initiatives.

GRV Chair Tom Salom said the results reflected the industry’s ongoing commitment to continuous improvement and long-term sustainability.

“The annual report demonstrates that the industry’s focus on welfare, integrity and financial discipline is delivering measurable outcomes,” Salom said.

“Importantly, many of the positive trends highlighted in the report have continued into the opening months of the current financial year.”

Despite challenging economic conditions and a 5.7 per cent decline in wagering turnover, GRV recorded an operating profit of $8 million for the 2025-26 financial year.

After depreciation and infrastructure expenditure, GRV recorded a net operating surplus of $0.47 million, after non-cash asset revaluation adjustments.

Compared with the previous year, revenue rose 1.0 per cent to $137.1 million, while expenses increased 2.3 per cent to $136.5 million, driven by infrastructure investment.

GRV invested $8.5 million in infrastructure projects during 2025-26, with key milestones including:

GRV’s Greyhound Adoption Program (GAP) celebrated its 30th anniversary during the year and delivered improved rehoming outcomes.

A total of 892 greyhounds were rehomed for the first time through GAP, an increase of 108 on the previous year, while total GAP adoptions increased to 956 for the year.

The result was driven by a range of new adoption and intake initiatives, including the continued expansion of assisted rehoming pathways and greater collaboration with community adoption partners.

The milestone year also saw GAP surpass 20,000 adoptions since the program was established in 1995.

GRV completed the rollout of its Digital Greyhound Lifecycle Tracking program, one of the most advanced greyhound traceability systems in the world, providing enhanced oversight and accountability across every stage of a greyhound’s life.

The report also revealed both the total racing injury rate, and the racing fatality rate reached their lowest levels on record. Racing fatalities fell to 0.36 per 1,000 starters, while the overall injury rate declined to 28.86 injuries per 1,000 starters, down from 31.57 the previous year.

The number of greyhounds euthanised also declined by 10 per cent year-on-year, falling from 457 to 410.

The Greyhound Recovery Initiative continued to play an important role in improving outcomes for injured greyhounds, supporting 321 greyhounds during the year and investing more than $600,000 in veterinary diagnosis, treatment and rehabilitation.

Revenue growth despite lower wagering turnover

While wagering conditions remain challenging across the broader racing industry, GRV’s annual report highlighted an organisation and industry operating from a position of greater stability, with strong welfare foundations and a clear focus on long-term sustainability.

The full 2025-26 Annual Report is available at www.grv.org.au.