Summer is always an exciting time for the trots. With Country Cups almost every weekend and the Summer of Glory featuring the Great Southern Star and Hunter Cup, there are fantastic opportunities to enjoy great racing, food and entertainment for families.
Wagering turnover
Strong First Half of the Financial Year
Continuing the theme from previous articles, total wagering growth in November and December was strong, making it 11 months of growth, with the last eight consecutive months being greater than 12%. In December there were some smaller fields, which raised concerns about horse numbers; however there were 2.2% more individual horses on the track compared to the prior year. We just ran more races.
It has been a strong first half of the financial year. From July to December, we had an average of 4% more individual horses on the track each month, resulting in 5% more races over the same period. That’s 5% more wins for owners/trainers/drivers. Another important outcome is a 15% increase in wagering across all wagering service providers over the last six months.
Given the decline prior to January 2017, that's an amazing turnaround and is a credit to the resilience of industry participants and the level of cooperation between the HRV racing team and trainers. It also indicates success with a number of elements of the strategy that we commenced implementing in early 2017 (which is available on the new HRV website thetrots.com.au).
That growth will ensure HRV delivers a significantly improved financial result compared to the $1.7m loss in 2016/17. That in turn will enable HRV to do more to support industry participants, because we see and hear on a daily basis that it’s tough going. We want to do more to help and we will, and we appreciate your patience as we continue to turn the industry around so that we can all enjoy better times.
Industry Insurance
One area that we are currently working on to try and improve things for industry participants is in the area of insurance. Together with the Victorian Trainers and Drivers Association (VTDA) and our insurer, we are exploring ways to improve the minimum level of cover and the possibility of implementing insurance cover for sulkies. We will advise more once the options have been evaluated.
Inter Dominion & Racing Calendar consultation
With less than 12 months until we host Victoria’s first Inter Dominion in 10 years, work is already well under way. Non-Melton clubs were given an opportunity to provide a submission to host a round of heats, with seven applications received. We have also consulted with the Victorian Square Trotters Association (VSTA) for its view on what feature trotting event should be held, and in what form. All clubs were also asked to submit their list of their club’s preferences for the 2018/19 racing calendar. Thank you to the VSTA and all clubs for your work on these important submissions, which HRV is currently reviewing. Outcomes will be announced in the not-too-distant future.
Syndications All Go!
Just a quick word to let everyone know that ASIC has approved HRV as a lead regulator, which is great news for anyone wishing to syndicate a horse. If you are considering establishing a syndicate, or if you are unsure of recent changes to ASIC regulations, then please contact Tori Glenister (tglenister@hrv.org.au) or John Briffa (jbriffa@hrv.org.au) at HRV.
Late Entries for Futurities Series
The HRV Board recently approved an amendment of late-payment fees for futurity races. In the past, a late-payment fee could only be made within 90 days of the original payment deadline. The recent amendment enables all eligible horses to enter at any time, but with late-payment fees increasing closer to the date of the event. That means that horses available in upcoming sales, who might not be paid up for Breeders Crown etc. could be entered late if connections decide to pay the higher entry fee at that stage.
Summer of Glory
There is a huge amount of effort going in to promote the Summer of Glory and Trots Country Cups Championship events. HRV is working closely with all venues, Tabcorp, RSN and kindred bodies to maximise community engagement. Thank you to everyone from those organisations and the team at HRV for their collaborative work on this. I’ll also take this opportunity to wish everyone competing in these events the best of luck.
Working Together
As regular readers will know, since I commenced in January last year, in each edition I have been writing about the importance of the industry working together. From day one it was clear that the industry was in tough times and it was having an impact on participants. Unfortunately, there was no quick fix.
However, the things we have been doing are having a positive impact on the industry’s financial performance. We have listened and continue to listen, so that we can make changes that will improve the lives of everyone passionate about the trots in Victoria. We might not always agree on the path to get there, but we do share a common goal and a determination to make this a great industry for everyone involved.
David Martin, HRV CEO