Racing authorities post record revenues despite tough year: Fraser

November 7 2006

Racing authorities post record revenues despite tough year: Fraser

All three racing codes in Queensland attracted record revenue in 2005-06, despite the television tug-of-war between SKY Channel and TVN which split broadcast coverage and created a difficult operating environment for wagering across Australia.

As the nation’s premier racing event was staged today in Melbourne, Sport Minister Andrew Fraser announced the annual reports for Queensland Racing, the Queensland Harness Racing Board and Greyhound Racing Authority showed total revenues increased to $131.2 million last financial year.

The year-to-year comparisons for the three codes each showed a modest increase:

• Queensland Racing: $100,567,000 (2005-06) – $100,038,000 (2004-05)
• Queensland Harness Racing Board: $18,608,549 (2005-06) - $18,479,731 (2004-05)
• Greyhound Racing Authority: $12,043,237 (2005-06) - $11,968,014 (2004-05)

Queensland Racing made a profit of $3.4 million, while Queensland Harness Racing and Greyhound Racing had modest deficits of $991,255 and $448,670 respectively, as they expended significant money on pursuing longer term initiatives.

“On the day we all stop to watch the Melbourne Cup, we should also stop and observe the success of Queensland racing,” Mr Fraser said.

“Average prize money per race, per meeting and total prize money are up and continuing strong growth.”

Mr Fraser said the outlook for wagering looked much stronger now a joint approach had been secured for racing broadcasts, but said the industry still faced significant challenges in the coming year.

“The issue of racecourse and training facilities looms as a major challenge over the next 12 months and there are a number of proposals for racecourse redevelopment that will need to be dealt with by the three codes.

“The wagering market will also see an increase in the number of competitors, with Tasmania licensing betting exchange operator Betfair Australia and the growing presence of corporate bookmakers licensed in the Northern Territory.”

• As Queensland’s new Racing Minister Andrew Fraser is putting his money where his mouth is and will today back Queensland’s Ice Chariot to win the Melbourne Cup.

Media Contact: Chris Taylor 3227 8825 or 0419 710 874