Despite the COVID restrictions in place during the first half of the financial year, Racing Victoria has announced record growth in turnover.
Wagering on Victorian racing continues to grow and is up 32.6% in the first half of the 2020-21 financial year.
Figures released by Racing Victoria show turnover on Victorian thoroughbred racing had reached $5.07 billion from August through to January.
That growth came through non-parimutuel operators as the TAB was heavily impacted by the closure of retail outlets due to COVID restrictions.
RV chief executive Giles Thompson said the gains had continued from when racing was the only form of sport that went on unimpeded.
“We sat around the table at the end of March and where we are now are above our wildest dreams,” Thompson said.
While turnover fell with the closure of TAB retail outlets, other wagering service providers stepped up.
“They had some fearful moments early on, but once they realised racing was a chance to continue, they went hard, were really aggressive with their generosity with free bets and the like.”
Free bet turnover, that centred around bonus bet promotions, reached $234 million in the 2020-21 first-half, an increase of 83.1% year-on-year and free bet turnover grew by 75% during the Spring Carnival, amounting to 5% of total turnover during that period.
Thompson said turnover from the end of January to the present was a little softer, but still up around 30%.
He said RV was seeing some weird comparisons with meetings year-on-year with “some weeks a little below and some weeks a little higher”.
While turnover is up significantly, that does not equate to revenue being up by the same amount, although year-on-year it is up around 10%.
“And I’ll take that any year,” Thompson said.
Tuesday and Wednesday twilight meetings attracted the largest growth (44.2%) followed by Saturday (40%), Thursday night (38.9%) and Friday night (35.9%).
