Prosperous year for Tasmanian racing industry

Thursday 27 October 2022

The Tasmanian Liberal Government is a strong supporter of our racing industry, which generates more than $185 million in economic activity and supports more than 5,800 jobs.

Tasracing’s Annual Report, tabled in parliament today, has confirmed the 2021/22 financial year was a successful one for the Tasmanian racing industry.

Wagering turnover on Tasmanian racing increased to $860.3 million – delivering increased racefield revenue of $25.2 million.

Point of Consumption Tax funding increased to $6.8 million, up from $2.5 million in 2020/21, due to 2021/22 being the first full year of funding.

This funding went towards animal welfare initiatives, increased stakes and infrastructure investment.

At the same time, prize money and industry funding increased by $4.5 million. This included a $3.6 million increase in sustainable code funding, plus a one-off investment of $1.31 million in club and code initiatives.

Other highlights of the Annual Report include:

  • Ladbrokes agreeing to extend its contract with Tasmanian racing as venue and naming rights partner by four years;
  • Tasracing entering a media partnership with the Sports Entertainment Network that operates a network of sports and racing radio, and digital assets in 15 Australian markets and 26 markets in New Zealand;
  • Announcement of a new preferred location of a harness and greyhound in the North West of Tasmania;
  • Further investment in digital and broadcast of Tasmanian racing;
  • Under the Greyhound Adoption Program, 81 adoptions were recorded; and
  • The Off The Track (OTT) program for retired racehorses continues to grow, with Tasracing sponsoring 28 events using the OTT brand.

View the 2022 Tasracing Annual Report here.