Wagering turnover on Tasmanian racing increased to a record $799 million in 2020/21, the Tasracing Annual Report which was tabled in the Tasmanian Parliament, Thursday 28 October 2021, said.
As a result, Racefield revenue increased by $8.84 million to $22.16 million. Tasracing’s investment in the digital promotion and broadcast of Tasmanian racing product played a clear role in this result, the report noted.
Government funding increased by $3.21 million, with the first six months of point of consumption tax funding collected worth $2.54 million. This increase was applied to stakes, animal welfare costs, and cash for infrastructure investment.
Total prize money and industry funding paid in 2020/21 was $30.50 million, including money for animal welfare and breeder bonuses.
The annual report noted a before-tax profit to Tasracing of $4.46 million, a full recovery following a COVID-19 impacted loss of $3.79 million in FY20.
Highlights of the annual report included:
- For the first time, all three codes of racing were featured in the Ladbrokes Tasmanian Summer of Racing Carnival.
- Planning work commenced on the development of a new greyhound and harness racing facility on the northwest coast.
- Tasracing released its second five-year Infrastructure Plan.
- The announcement of a collaboration with the Northern Midlands Council to develop a master plan and specific area plan to secure the future of the Longford Racecourse precinct.
- Club sponsorship revenue plus marketing support provided to clubs increased under year two of the Ladbrokes partnership with Tasracing.
The annual report also referenced key findings from an independently prepared economic impact report. It found that the Tasmanian racing industry generates close to $185 million for the Tasmanian economy – more than one-third of which directly benefits regional parts of the state.
The report also found that the industry supports 1515 full-time equivalent jobs and that more than 5800 people are involved in racing as either employees, participants, or volunteers.